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Tax Saving Tips For 2016

Harold Goedde

Your 2016 taxes may increase because the amount allowed for exemptions is reduced as AGI increases above certain amounts, depending on filing status. You may also have to pay an additional Medicare tax of .9% on wages and an additional 3.8% tax on net investment income (investment income less related expenses) for taxpayers with MAGI (adjusted gross income plus non taxable foreign income). The threshold amount depends on your filing status. If you expect your income to be in these ranges, increase your withholding or 4th quarter estimated tax payment—due by January 15—to avoid the underpayment penalty.

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