2014 Tax Changes and How Will Impact Life Insurance Prices!

Tax season is one of the worst periods of the year and during this time of the year we prepare for the complete financial statements and reports for the previous years. Until 15th of April, you must file your annual tax return following the reportable earnings.

TaxesWe recommend you to complete all the required documents until the first deadline or request an extension. If you need help, first gather wage and earning statements and all other necessary documents and then, contact a tax preparer or an accountant. There are a series of tax changes in 2014 and they will impact many services, including all life insurance prices, even no exam life insurance for seniors.

Higher income taxpayers will have to pay more. If you earn more than $400.000 as an individual or $450.000 for married couples (if you fill the papers jointly), the tax rate will be 39.6%. But high-income taxpayers may also get some deductions and personal exemptions cuts and an increase in capital gain taxes- taxes on income made through some investments (like stocks estate or real estates).

Also, if you earn more than $200.000 or $250.000 as a couple, you will have to pay with 0.9% more for Medicare tax. Unfortunately, you will have a harder time to get deductions for medical expenses. They can only be deducted if they exceed 10% of your adjusted gross income, or if you are over 65 years old, the expenses exceed 7.5% of your adjusted gross income.

As you can see, this year you will have to pay more for some services. But one affordable service that you can always rely upon is life insurance.  The prices will be relatively the same and you will still be able to pay the premiums. Health insurance will be more affected by these new changes.

Check our website for more details and free life insurance quotes. TOPSENIORLIFEINSURANCE.COM