Archive for the ‘Tax Planning’ Category
Sunday, March 2nd, 2008
It’s still a month until most of us will file our 2007 tax returns, but it’s a good idea to keep in mind key tax changes that will affect our 2008 returns. Here are some of the highlights:
Wider tax brackets: In one of the rare cases in life where ...
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Tuesday, December 4th, 2007
December’s a busy month, but it’s not too late to focus on last-minute tax savings. Consult a tax or financial advisor such as a Certified Financial Planner™ professional to see if these might work for you:
Do an AMT sweep: One of the reasons why it’s wise to consult a tax ...
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Monday, November 26th, 2007
Unless Congress acts, the number of taxpayers hit by the Alternative Minimum Tax (AMT) in 2007 will jump to about 23 million from about 4 million in 2006. The AMT is an alternative, separate tax calculation created in 1969 to make sure the wealthiest Americans paid a fair amount of ...
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Wednesday, October 31st, 2007
When President Bush signed new legislation in May to limit gifts to children that take advantage of their lower tax rate, it was the second time in just over 12 months that Congress extended the reach of the so-called kiddie tax, which subjects a child’s income to his/her parents’ higher ...
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Thursday, March 15th, 2007
Tax laws are at times nothing if not infuriating. Indeed, with phaseouts and sunsets coming and going, taxpayers may find it difficult planning from one year to the next.
Case in point: In 2006 and 2007, the overall limitation on itemized deductions that reduces the value of certain itemized deductions ...
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Tuesday, October 31st, 2006
The indexing of many features of the tax code will bring some relief to taxpayers next year, according to CCH, a Wolters Kluwer business, which recently released estimated income ranges for each 2007 tax bracket.
Unlike many changes to the tax laws that are effective for only limited periods of time, ...
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Tuesday, July 18th, 2006
On May 17, 2006, President Bush signed into law the Tax Increase Prevention and Reconciliation Act of 2005, or TIPRA for short. TIPRA affects taxes on capital gains and dividends, the alternative minimum tax or AMT, the so-called kiddie tax, and Roth conversions. Given all the ...
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Wednesday, February 15th, 2006
The Internal Revenue Code is not ordinarily thought of as a gift that keeps on giving, but, with 2005 having given way to 2006, it does contain several sections which provide for keeping more of what you will be earning and saving more for your retirement—on a ...
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Friday, January 20th, 2006
To taxpayers, the Economic Growth and Tax Relief Reconciliation Act of 2001 may have meant income tax cuts resulting in more current after-tax income, but to financial planners it has meant more work for clients to develop strategies to minimize both federal and state estate taxes, a less widely-publicized section ...
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Saturday, November 12th, 2005
Although it’s too early to know what your taxable income will be in 2005, it’s not too late to plan strategies to lower it by means of legitimate tactics that can impact your total income, the expenses you may deduct against it, or both.
You might want to hold down your ...
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