The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to […]
The recently enacted 2012 American Taxpayer Relief Act (Act) is a sweeping tax package that includes, among many other items, permanent extension of the Bush-era tax cuts for most taxpayers, revised income tax rates on ordinary income and capital gains for high-income individuals, modification of the estate tax, permanent relief from the alternative minimum tax […]
The tax laws enacted in the last couple of years contain important income tax and information reporting provisions that are effective for the first time in 2011. To inform you of what’s new in the tax rules, here’s a summary of the key tax changes for 2011, broken down into three categories: Personal Income Taxes, […]
Under the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” the federal estate tax, which disappeared for 2010, springs back to life in 2011 and is imposed at the top rate of 35% of the estate’s value after the first $5 million. The following is a brief overview of the […]
While the new tax law changes in the bipartisan legislation that was enacted in late 2010 were the most significant developments in the fourth quarter of 2010, many other tax developments may affect you, your family, and your livelihood. These other key developments in the fourth quarter of 2010 are summarized below. Please call us for more […]
Estate Planning Not Just for the Rich http://blogs.ajc.com/atlanta-bargain-hunter/2010/12/06/wes-moss-estate-planning-not-just-for-the-rich/
A typical estate plan includes a will, a financial power of attorney, and an advance directive for health care. Other tools are often used, such as trusts and gifts, to shelter assets from waste and taxes. BACKGROUND Uncertainty has been the catchword in 2010 to describe the state of tax laws governing gifts and estates. […]
Prior to 2010, only taxpayers with modified adjusted gross income (MAGI) of $100,000 or less could convert amounts in a traditional IRA (or qualified plan) to amounts in a Roth IRA (and married persons filing separately can’t make such rollovers at all). However, for tax years beginning after 2009, the $100,000 modified AGI limit on […]
