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Tax Prep 2014: 2 Confusing "Stealth" Tax Hikes You Must Prepare For

Tax season is hitting its peak, and people are finally starting to hunker down to do their tax prep for 2014. What they're finding, though, is that taxes seem to be more complicated than ever, and the return of some complex provisions will actually make many pay more taxes than they expected this year.

In the following segment from their video guide to investment planning, Motley Fool director of investment planning Dan Caplinger talks with Fool markets/IP bureau chief Mike Klesta about how stealth-tax increases could hit many taxpayers. Dan notes that the tax laws have gotten more complicated because of provisions that reduce the ability of high-income taxpayers from getting the benefit of itemized deductions and personal exemptions. With complex calculations, these provisions are hard to figure out, but they have the net effect of raising your tax bill in a less-than-transparent way. Dan concludes that it's essential to know about provisions like these in order to avoid getting hit with a surprisingly high tax burden as you complete your tax prep in 2014.

Is Uncle Sam about to claim 40% of your hard-earned assets?
Thanks to a 2013 law called the American Taxpayer Relief Act, or ATRA, he can, and will, if you aren't properly prepared.

Fortunately, The Motley Fool recently uncovered an arsenal of little-known loopholes to protect yourself from ATRA and help keep the taxman at bay when he inevitably comes calling. We reveal them all in a brand-new special report. Simply click the following link below for instant, 100% free access.

Protect my hard-earned wealth from Uncle Sam


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Dan Caplinger
TMFGalagan

Dan Caplinger has been a contract writer for the Motley Fool since 2006. As the Fool's Director of Investment Planning, Dan oversees much of the personal-finance and investment-planning content published daily on Fool.com. With a background as an estate-planning attorney and independent financial consultant, Dan's articles are based on more than 20 years of experience from all angles of the financial world.

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