Nobody likes dealing with taxes. Just when we have gotten used to the current rules, change rears its ugly head. Here are a few changes to plan for in 2013.

Currently you can contribute $5000 to a Flex Spending Account. This will be reduced to $2500 as of January 2013. Each person may have their own FSA and contribute the $2500 even if your employer makes a contribution.

If your AGI is above $250,000 for married filing joint, you will now enjoy an additional 3.8% tax on your net investment income as a Medicare funding tax.

Still alive? Well the cost of living past 12/31/12 just got higher. The estate tax exemption will change as of January 1, 2013 from $5,120,000 to $1,000,000. The current maximum estate tax rate will change from 35% to 55%!

If any of these changes will apply to you, hire a tax pro. With changes like this – and more to come, professional help will keep you out of hot water.

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