6 tax law changes that may affect your 2013 tax refund

How to get great tax returns by Suncrest Financials in MarylandThese 6 things could change everything you knew about your tax returns.  The IRS has increased the threshold for deducting medical expenses to 10% of AGI, unless one of the filers is age 65 or older.

Mileage rates up 1 cent per mile, 56.5 cents per mile for business miles, 24 cents per mile for medical or moving purposes and 14 cents per mile driven in service of charitable organizations.

If you income exceeds $400,000 for singles and $450,000 for married filing joint a new tax rate of 39.6% has been assessed.

The standard deduction rises to $6,100 for singles up from 2012 $5,950 and $12,200 for
married filing jointly up from $11,900.

The American Taxpayer Relief Act of 2012 added a limitiation for itemize deduction claimed on 2013 tax returns for indiviudals with income of $250,000 and $300,000 for married filing jointly. Examples of itemize deductions are mortgage interest, medical expenses and charitable donations.

The personal exemption rise to $3,900 up from 2012 $3,800; however, exemptions are subject to the income limitations mentioned above. If your adjusted gross income (AGI) for singles is $372,000 and $422,500 for married filing jointly you will no longer receive the personal exemption.

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