2013 tax code changes - KTTC Rochester, Austin, Mason City News, Weather and Sports

2013 tax code changes


ROCHESTER, Minn. (KTTC) -- As you file your taxes be sure to note the changes to the 2013 tax law. 

Last year the social security tax rate was 4.2 percent, but that will revert back to 6.2 percent.

Single people with taxable income above $400,000, and couples with income above $450,000 will see a five percent increase in their taxes on earnings above that threshold.

Middle and lower wage earners will be taxed at previous, Bush-era tax rates.

And because law makers were late on coming up with a deal to advert the fiscal cliff your filing and returns may be delayed.

"Right now for example, to file an individual return, there are about 25 forms that I cannot file until the end of February or first part of March. Because the Internal Revenue Service is still in the process of developing the form and instructions."

As a reminder, taxes are due April 15th, which falls on a Monday this year.

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