Big increases in payroll taxes affected nearly all working Americans, while the return of the 39.6% tax bracket and the new Medicare surtax were aimed at higher-income taxpayers. Yet on top of those well-known increases, some additional lesser-known provisions will also hit some taxpayers starting this year.
In the following video, Fool contributor Dan Caplinger goes through two tax increases that took effect at the beginning of 2013. The provisions don't raise taxes directly, but by taking away valuable benefits like itemized deductions and personal exemptions, they have every bit as important an impact on tax liability as a higher tax bracket would. Dan explains how these provisions work and how you can tell whether they'll affect you.
Fool contributor Dan Caplinger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.