This is a continuation of the series I started last week looking at the tax law changes that will have the greatest effect on small businesses and individuals in the coming year. This post will highlight a few of the changes that will go into effect at the stroke of midnight on January 1, 2013. This has been called Taxmageddon and if all plans stay in effect will result in a $5.8 TRILLION tax increase over the next ten years.

The Payroll Tax Holiday will sunset once again. This will mean that your employer (or yourself, if self-employed) will have to start deducting full amounts for social security from your paycheck. This is a 2% tax increase on all earned wages (up to $112,000). In reports I have seen, this will mean a tax increase of $840 per average household.

Capital Gains taxes, the taxes imposed on the gain realized on the sale of assets held for investment, will increase from a maximum rate of 15% to a maximum rate of 20%.

Dividend taxation: The preferred rate, currently 15% for qualified dividiends, money that is already taxed at the corporate level and distributed to the shareholders, will increase from a maximum of 15% to potentially as high as 42% just at the federal level.

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Planning time is still available. I will pursue a few more of these articles to show how to protect your hard earned wealth through proper tax and estate planning.