CNBC has a good story (see below) about how taxes are going up next year because of expiring credits and deductions. Much was made in the media about the new taxes and rate increases for investors and high-income earners for 2013, but not much about the taxes hitting the middle class. Many in the middle class have seen taxes increase in 2013 from limits on flex spending accounts. Just this one change will increase 2013 tax bills for many taxpayers (mostly families) in the range of $500 to $1000, depending upon levels of income and health care spending. So for 2014, don’t be caught off guard when losing deductions for tuition (again hitting families) or teacher-purchased school supplies. Worth a look.
See Article: http://www.cnbc.com/id/101253148