Mark Miller, Specialist in Tax Accounting and Fellow Rotarian

Tax Issues and Changes That Affect Many of Us

by Sharon McKniff

   Mark Miller,  Tax Accountant Specialist, and a member of our Saddlebrooke Rotary Club spoke to our group on March 7, 2013 about income tax issues and changes.  With a witty remark during Mark’s introduction, “be sure your government gets everything it deserves,” Steve set a light tone for a weighty subject.

 Since 1981, Mark has run the family business MJM Income Tax, on Oracle Road in Catalina.  He covered many important Federal and State income tax changes for 2013, and outlined some of them on a two-sided handout that accompanied his power-point presentation. 

 For example, prior to 2013, the rates for long-term capital gains and qualified dividend income was 0% for individuals whose taxable income was below the 25% bracket and were 15% for individuals whose taxable income was in the 25% bracket and above.  This has changed with the 2012 Tax Act, which increased the tax rate on long-term capital gains and qualified dividend income to 20% for those with taxable income above $400,000 (single) and $450,000 (married).   

 Arizona provides tax credit for contributions to private school tuition organizations, and approximately 15-20 other organizations.  The credit maximum has now been doubled to a maximum of $503 (single) and $1006 (married).  This donation to a tuition organization gives the taxpayer a credit equal to the amount donated, and reduces state tax liability dollar for dollar.  During a question and answer period at our meeting, it was stated that this is a great way to gain control over where your money goes.  The public school credit deadline was December 31, 2012, but the private school credit deadline is open until April 15, 2013.

  Mark covered several other areas of change, including itemized deduction limitations.  If you wish to discuss these matters further with Mark, or request his services in preparation of your personal and/or small business income tax returns, you can reach him at MJM Income Tax, 15560 N. Oracle Road, Catalina.  Phone:  520-825-2245.  Thanks to Mark for sharing his expertise with us.