Medicare Tax - Williams Parker Attorneys at Law

Your Last Opportunity to Reduce Your 3.8% Medicare Surtax For the Rest of Your Life

February 11, 2015 E. John Wagner, II Medicare Tax

IRS has extended to 2014 individual income tax returns a one-time opportunity to potentially permanently reduce exposure to the 3.8% Medicare Surtax enacted with Obamacare. With apologies for melodramatic tone, if you didn’t make the election on your 2013 federal income tax return and you don’t make the election on your original…

Do Not File Your 2013 Income Tax Return Without Asking Your Tax Advisor About a “Regrouping Election” to Avoid the Obamacare 3.8% Medicare Surtax, If You Own Closely-Held Businesses or Investments

April 9, 2014 E. John Wagner, II Medicare Tax

We have previously written about a one-time income tax election opportunity that could permanently reduce your exposure to the Obamacare 3.8% Surtax. As tax-filing season comes a to a close, this is a final reminder that you must make the election on your first income tax return that implicates the…

Tax Court Reduces Obamacare 3.8% Medicare Surtax Bill for Irrevocable Trusts with Rental Real Estate Investments

March 31, 2014 E. John Wagner, II Medicare Tax

If your family has an irrevocable trust holding closely-held rental real estate investments, a recent Tax Court case may help the trust reduce its Obamacare 3.8% Medicare Surtax bill. It may also help trusts use rental real estate losses to offset other income by avoiding the “Passive Activity Loss” limitations….

2013 Federal Income Tax Return “Regrouping” Election Can Permanently Reduce Exposure to the New 3.8 percent Medicare Surtax

February 18, 2014 E. John Wagner, II Medicare Tax

2013 is the first year of the 3.8 percent Medicare Surtax, which was enacted as a part of the law popularly known as “Obamacare.” Taxpayers have a one-time opportunity to make an election on their 2013 federal income tax returns to permanently reduce exposure to the new surtax. Before filing…

Self-Rental Income Exempted From The New Medicare Tax

January 22, 2014 E. John Wagner, II Medicare Tax

The IRS has backtracked on its guidance from 2012, by exempting certain self-rental income from the new 3.8% Medicare surtax. The new guidance applies common sense by aligning the tax treatment of self-rental arrangements with the passive loss rules under Section 469. Taxpayers should be able to avoid the surtax…

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Your Last Opportunity to Reduce Your 3.8% Medicare Surtax For the Rest of Your Life

Do Not File Your 2013 Income Tax Return Without Asking Your Tax Advisor About a “Regrouping Election” to Avoid the Obamacare 3.8% Medicare Surtax, If You Own Closely-Held Businesses or Investments

Tax Court Reduces Obamacare 3.8% Medicare Surtax Bill for Irrevocable Trusts with Rental Real Estate Investments

2013 Federal Income Tax Return “Regrouping” Election Can Permanently Reduce Exposure to the New 3.8 percent Medicare Surtax

Self-Rental Income Exempted From The New Medicare Tax

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