1. Increase in Medicare Taxes for Single and Married Filing Joint Filers.
Starting in 2013, High Income taxpayers will see an increase in their Medicare Taxes. This is because there is a 0.9% surtax on Single Taxpayers whose Modified Adjusted Gross Income exceeds $200,000, whereas Taxpayers who file jointly, will see a surtax of 0.9% on their Modified Adjusted Gross Income that exceeds $250,000.

2. AGI Floor for deducting Medical expenses increases to 10%.
For taxpayers who are below age 65, will see that in tax year 2013, their ability to deduct medical expenses will be further reduced. This is because the Floor to deduct Medical expenses that was previously 7.5% of Adjusted Gross Income has now been increased to 10% in 2013.

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Ask TaxGuru Please refer to the legal disclaimer.

Hello Friends,

Without Congressional action before the end of the year, just about everyone, rich and poor alike, will be hit by tax increases. These increases are the result of temporary tax benefits that will expire at the end of 2012. The following is a list of the expiring benefits and how taxpayers will be affected. Check the list for items that will apply to you to get an idea of how your taxes will be impacted.
1. Exemption Phase-Out
2. Itemized Deduction Phase-Out
3. Payroll Tax & Self-Employment Tax
4. Long-Term Capital Gains Rates Increase

Best Regards
Tony Stevenson

After President Obama some changes will be done in tax .At this time 2% cut to the payroll tax has expired, bringing the rate back to the default of 6.2%. Combined together with the House GOP