Tax Tip: New surtax takes affect this year - KOTA Territory News

Tax Tip: New surtax takes affect this year

Posted:

By Barrett Phillips

A new 3.8 percent surtax takes effect this year.

Certified Public Accountant, Kevin Sickels says singles with an income over $200,000 and married couples who make over $250,000 will be charged the surtax. There is also a .9 percent tax that affects W–2 or self-employed individuals.

These taxes won't stop at your income.

"So, that would be your interest, dividends, capital gains, passive ownerships, rental houses, royalties, those types of investments; once your income gets above a certain level," said Sickels.  

If you are interested in finding ways to reduce or alleviate those taxes see a CPA.

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