For those of you who haven’t been following this stuff, Federal tax law as currently written provides for an inheritance tax on decedent’s estates that exceed $3.5 mil. Currently if you die with a net worth over that amount, your estate (actually your heirs) will be taxed at a 45% rate on the excess value.That [...]
The IRS just announced new proposed regulations that will explain how to implement a new tax code section that requires credit card, debit card, and third party payments such as Paypal to be reported to IRS starting in 2011. Institutions will be required to disclose amounts paid to recipients. What this means is that when [...]
Usually I don’t like to use words like “tax loophole” or “tax shelter”, but their exists right now a situation where the sun, moon, and Internal Revenue Code have aligned perfectly to create an opportunity to create a permanent tax shelter by way of Roth IRA account(s). See if this applies to you: Currently many [...]
Just last week you may have felt the presence of Arnold and the State legislature rummaging around in your wallet. Effective Nov 1 withholding rates and estimated tax payment requirements increased by 10%. This is not a tax increase they tell us, only a temporary loan from us to them for tax monies that the [...]
You should all be familiar with the new tax incentive available for first time home buyers that is set to expire this November 30. The incentive provides for up to an $8,000 tax credit, (that’s real money), for qualifying first time home buyers, and was intended to stimulate the real estate market. Recently the IRS [...]
