• For the first time in more than a decade the personal tax rate tops corporate rates.

The maximum tax rate on individuals is now 39.6% for joint filers with taxable income over $450,000

and single filers above $400,000. The highest rate on corporations remains at 35%.


  • Health Care Information: The treasury Department has decided that larger firms won’t have to provide health coverage to workers next year.

It has decided to delay the employer mandate until 2015 to give businesses more time to comply with the new regulations.

The new health care law requires firms with 50 or more full-time employees to provide affordable medical insurance to their workers or pay a stiff penalty.

But there’s no delay of the rule that individuals who go without health coverage must pay a fine. That requirement will take effect on Jan. 1, 2014, as scheduled.


  • Remember that summer day camp costs qualify for the dependent care credit.

So if you send your school-age child to math camp or any other special day camps

this summer, such as those for computers, theater or soccer, don’t forget the write-off.

The same goes for camps that focus on improving reading, writing or study skills.

But the costs of summer school and tutoring programs aren’t eligible for the credit.

They are treated as education, not care. The other rules for the credit aren’t affected.

The child must be under 13, and expenses must be incurred so the parents can work.


  • Married same-sex couples scored a victory when the Supreme Court struck down a U.S. statute

that defined marriage as between a man and a woman for federal law purposes. They notched another win

with the resumption of same-sex marriages in Calif. There are many tax and benefit implications

for those who got married in D.C. or in the 13 states that allow same-sex marriage: Calif., Conn., Del., Iowa,

Maine, Md., Mass., Minn., N.H., N.Y., R.I., Vt., Wash.


Nick DiBartolomeo, CPA,Tax Partner