Ed Maginot

The dawn of 2013 brought the biggest tax changes in more than a decade, and this dramatic reshaping of the tax code will change tax planning.

Year-end tax planning is always important, but there's an extra wrinkle this year. The Bush-era tax cuts enacted in 2001 and 2003 are scheduled to expire in 2013 and new Medicare taxes are scheduled to take effect. Without Congressional action, tax rates will rise to as high as 39.6 percent on ordinary income and 23.8 percent on capital gains.