While most of you are getting organized to pay your 2012 taxes, we wanted to let you know that we've applied the new tax rates for 2013 to your tax related calculations.
There are a few changes:
- Your self-employment taxes have gone up by 2%. (And by an additional .9% on profit over $200,000.) This is used in calculating your Estimated Taxes.
- We've updated the marginal tax rates for estimating your federal income taxes in 2013. These have also gone up, but only for those making more than $400,000 in profit. This is also used in calculating your Estimated Taxes.
- Lastly, the standard mileage deduction rate has increased to 56.5 cents per mile for business travel. These entries show up on your year end Schedule C forms and are kept in a Mileage Log for you to review at any time during the year.