The Top 1 Percent

According to IRS statistics, the federal income tax burden on the top 1% of filers is slightly less than the previous year. It takes an adjusted gross income (AGI) of $428,713 to make it into the top 1%. The difference – the upper crust paid 37.8% of the tax in 2013, down from 38.1% in 2012.

Since most of us aren’t the top 1%, make sure you take advantage of as many tax break advantages you can. For each major change in your financial situation – marriage, new baby, buy or sale of property, business, etc., plan in advance as much as possible to mitigate your tax burden.