Money Matters: 2014 tax season comes with changes

Reported by: Brittany Price
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Updated: 1/29/2014 9:55 am
Buckle up, it could be a bumpy ride filing taxes this year if you're not aware of how the road map has changed from last year. 

"Taxes have gone up. This time last year, the top tax rate was 35 percent. This year it's 39.6 percent," Anna C. Borg, Certified Public Accountant said.  

Borg said that will impact a specific group the most. 

"It's our tax payers with the most income for the most part. Those over 400,000 dollars in income," Borg said.  

Still, regardless of how much green you earn preparation is key. 

"You probably need a little bit of assistance this year. Because of the three taxes involved, there's an impact on nearly everyone this year," Borg said.  

One of those three taxes is brand new this year. 

"We have the normal regular tax that people are used to seeing. We have the alternative minimum tax that about six percent pay. This year we have the new three point eight percent net investment tax that's out there," Borg said.  

Medical information has changed a bit as well. 

"Like where your health insurance is at, your dentist, your eye doctor, your orthodontist. That, for everybody under 65, that has become only available if it's greater than 10 percent of your income. It used to be seven point five percent," Borg said. 

Speaking of health coverage, it's required by March 31 so now is the time to get organized to avoid penalties in 2015. 

"It will be next year that we'll need to know if you had health insurance. Keep up with your medical cards this year because that's information I'll need next year for your tax return," Borg said. 

Borg notes you should expect your return within 30 days of filing. If you're still waiting after that, investigate possible tax return scams. 

Being proactive with your taxes is the best way to achieve a smooth ride this season. 
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