Big tax surprise looming for high earners

Clint Hild | E+ | Getty Images

Clint Hild | E+ | Getty Images

After President George W. Bush’s tax cuts for the highest income bracket expired earlier this year, married couples filing jointly with income greater than $450,000 face a 39.6-percent income taxup from 35plus a 20 percent tax on qualified dividend and long-term capital gains, up from 15 percent. The new tax rules also limited the kind of deductions joint filers earning more than $300,000 could file.

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“You have to plan for a two-year period,” Perry said. “You can’t just look at one year. You want to understand where you’re going to be in 2013 and 2014. Then when you look at the years you want to see if you’re coming up on any of the thresholds.”

Perry said high-income earners should think about gifting appreciated assets to take advantage of generous deductions.

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—By CNBC’s Jeff Morganteen. Follow him on Twitter at @jmorganteen and get the latest stories from “Squawk on the Street.”

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