Bohemia, NY (PRWEB) January 31, 2013
On January 31, 2013, Marvin Feinstein, partner of Diapoules & Feinstein CPAs P.C., reacts to an article published by Bloomberg News with regard to new tax laws affecting married couples.
According to the Bloomberg News article, taxpayers with an annual income of over $200,000 are going to be paying more money in taxes for their wages and investments. Married couples will also feel the pinch faster than individuals.
On Jan. 1, Congress passed a law which said higher rates would be instated for married couples $50,000 above where they were for individuals. The article said, “Married taxpayers with income of at least $300,000 also face limits on the value of deductions and personal exemptions that were reinstated for 2013.”
Marvin Feinstein, partner of Diapoules & Feinstein, said the new tax hike is basically telling people not to get married or they will lose a big chunk of income.
“In the past we’ve seen young, affluent clients postpone marriage and live together to avoid the marriage penalty tax,” Feinstein said. “Despite the marriage penalty tax, marriage usually wins out as other factors come into play. Usually it is because they have children, and realize that the best way to raise them is as a married couple. But we ask, ‘Is it in our best interest to have tax laws that affect societal behavior in such a manner?’”
The article said three thresholds are now in effect and will affect taxes paid for 2013. As an example the article said a married couple living in New York and making $280,000 per year will pay about $22,000 more this year in taxes, just because they’re married.
The article concluded that accountants or financial advisors should urge affluent married couples to plan out when they take deductions and how they recognize income from investments, so they avoid tax problems.
Diapoules & Feinstein CPAs P.C. have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.