At press time, Congress had yet to decide on keeping income and estate tax rates at recent levels. 2013 may bring some notable financial developments, and it isn't too soon to prepare for change and consider the impact that these potential changes could have on your financial life.

* Next year, medical expense deductions may shrink. If you are thinking about delaying a procedure or surgery until 2013, remember that next year you may only get to deduct unreimbursed medical expenses that exceed 7.5% - rather than 10% - of your taxable income. (This is assuming you like to itemize deductions, of course.) If you are 65 or older, you get a bit of a break: you will still be able to deduct unreimbursed medical expenses up to10% of your taxable income on your federal return through 2016.

* You may have less take-home pay next year. Social Security taxes for paycheck employees are slated to return to the 6.2% level in 2013. They've been at 4.2% since the start of 2011. If you earn $75,000 during 2013, you will take home about $1,500 less of it than you would have in 2012. If you earn $50,000, we're talking $1,000 less.

* You may be able to find a better Medicare Advantage plan for 2013. The Affordable Care Act has altered the landscape for these plans (and their prescription drug coverage). Using Medicare's Plan Finder (click on the "Find health & drug plans" link at, you may discover similar or better coverage at lower premiums. The enrollment period for 2013 coverage runs from October 15 to December 7.

- Bill Losey, CFP, is president of Bill Losey Retirement Solutions, LLC

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