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GOLDEN VALLEY, Minn--It's year-end tax time. If the proper steps are taken, there are substantial gains to be made through tax deductions regardless of your financial situation. David Orenstein, principal of Simma Flottemesch & Orenstein, offers his expertise in the form of simple end of year tax tips to help you keep more of your money.

  • The American Taxpayer Relief Act of 2012 (ATRA) and the Patient Protection and Affordable Care Act of 2010 impact many tax payers.
  • A new Medicare tax will be imposed on investment income once adjusted gross income exceeds a certain amount.
  • Payroll tax- enacted as part of the 2010 health care reform law, the rate on the individual share of the Medicare tax on earned income will increase by 0.9 percent for earned income exceeding $200,000 for single filers and $250,000 for joint filers.
  • Several education credit and tax breaks were extended through 2013
  • The $1,500 energy tax credit for qualified efficiency improvements remains in effect through 2013.
  • Tax free transit benefits
  • Business use of home office

It's year-end tax time. If the proper steps are taken, there are substantial gains to be made through tax deductions regardless of your financial situation. David Orenstein, principal of Simma Flottemesch & Orenstein, offers his expertise in the form of simple end of year tax tips to help you keep more of your money.

It's year-end tax time. If the proper steps are taken, there are substantial gains to be made through tax deductions regardless of your financial situation. David Orenstein, principal of Simma Flottemesch & Orenstein, offers his expertise in the form of simple end of year tax tips to help you keep more of your money.

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