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Tax Freedom Day for the country was on April 18, 2013. This is the day when, on average, taxpayers have paid all of their taxes for the year and now begin to keep what they earn. Tax Freedom Day in 2013 was 5 days later than last year. This is partially due to the American Taxpayer Relief Act passed in late December 2012.
The New Year’s celebrations are over.
The New Year’s Resolutions are starting. We’ll see how long they last.
Many people feel income taxes are going up. I’m confident they are for the higher income earners.
The highest ordinary income tax rate is 35%. This is scheduled to go up to 39.6%
No Fifty Shades of Grey here. Here are Fifty Black and White Tax Deductions and Credits.
1) Standard Deduction – Taxpayers can take the higher of the Standard Deduction or their Itemized Deductions.
2) Medical Expenses
3) Medical Miles – The deduction for medical miles is currently 23 cents per mile.
All Physicians must take the Hippocratic Oath. This is an oath where they swear to practice ethically. Although there is some debate about the translation, the main theme is, ‘First, Do No Harm.’
All taxpayers need to take the Hippocratic Oath so they do no harm with their tax plan.