“COMMITTED TO OUR CLIENT’S SUCCESS”. Members of associations : Chamber of Commerce – Paola, Louisburg and Leawood AICPA Kansas Society of CPAs Missouri Society of CPAs EKOGA. Kansas Tax Changes – 2013
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“COMMITTED TO OUR CLIENT’S SUCCESS”
Members of associations:
Chamber of Commerce –
Paola, Louisburg and Leawood
Kansas Society of CPAs
Missouri Society of CPAs
Kansas Tax Changes – 2013
House Bill 2117 was signed by Governor Brownback on May 22, 2012 which implemented massive tax cuts. Brownback expressing his confidence they would boost the economy and not create future budget problems.Here is a summary of the changes....Individual Income Tax Rates are reduced starting in 2013. The house bill reduced the brackets from three down to two and reduce the rates in each bracket.Regardless of your filing status, your new tax rate for 2013 is:
3% of Kansas taxable income up to $15,000
$450 plus 4.9% of the excess over $15,000 taxable income
The standard deduction will increase in 2013 as well:
$3,000 for individual (currently $3,000)
$9,000 for Married filing jointly (currently $6,000)
$9,000 for Head of Household (currently $4,500)
Sales Tax Rebate for Food will be eliminated in 2013.Homestead Property Tax Refund - will no longer be available to renters.House Bill 2217 also exempts income reported on lines Schedules C, E and F the IRS 1040. These lines are self employment income, real estate income, trust income, pass through business income (Sub S, LLC, Partnerships income) and farm income.
However, if you have a loss on the Federal return for any of these items, you will have to add back that loss to determine your Kansas taxable income as well as deductions for self employment taxes, deductions for pensions, profit sharing and annuity plans for the self employed, any deduction for health insurance and any deduction for domestic production activities. You will no longer be able to subtract for long-term care premiums as well.There is an extensive list of individual income tax credits that are repealed in 2013. The more popular ones are: Abandoned well plugging, adoption expenses, child and dependent care expenses, child daycare expenses, and small employer health benefit plan contributions.
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