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Under current law, higher-income taxpayers will face a 3.8%surtax on their investment income and gains. Additionally, if the EGTRRA and JGTRRA sunsets go into effect, all taxpayers will face higher taxes on investment income and gains, and the vast majority of taxpayers also will face higher rates on their ordinary income. This third part of a multi-part year-end planning article explains how the careful handling of capital gains and losses by individuals can save taxes The case for selling appr...
October 4, 2012 12:00 am
If you’ve recently updated your status from single to married, you’re not alone – late spring and summertime is a popular period for weddings. Marriage also brings about some changes with your taxes. Here are several tips for newlyweds from the IRS.
October 4, 2012 12:00 am
Under current law, higher-income taxpayers will face a 3.8%surtax on their investment income and gains. Additionally, if the EGTRRA and JGTRRA sunsets go into effect, all taxpayers will face higher taxes on investment income and gains, and the vast majority of taxpayers also will face higher rates on their ordinary income. This second part of a multi-part year-end planning article explains how taxpayers with cash sitting idle in their corporations should consider pulling some of it out before th...
October 1, 2012 12:00 am
InvestOhio is a new tool that Ohio will use to encourage infusions of investor cash into Ohio’s small businesses to help them create jobs. The State will award up to $100 million in tax credits during the current fiscal biennium ending on June 30,2013. Eligible investors who invest up to $10 million in an eligible small business will receive a 10% Ohio income tax credit.
October 1, 2012 12:00 am
Tax planners and their clients face the prospect of a darker tax climate in 2013 for investment income and gains. Under current law,higher-income taxpayers will face a 3.8% surtax on their investment income and gains under changes made by the Affordable Care Act. Additionally, if the EGTRRA and JGTRRA sunsets go into effect, all taxpayers will face higher taxes on investment income and gains, and the vast majority of taxpayers also will face higher rates on their ordinary income.
September 27, 2012 12:00 am
Medicare Tax Increase on Wages Above 200,000 1) Effective in 2013, the PPACA adds an additional 0.9 percent Medicare tax on wages above $200,000 for individuals and $250,000 for married couples filing jointly ($125,000 for MFS). 2) The increase in withholding is to be started on the first payroll where the wages exceed 200,000. 3) This tax will be on combined wages for joint returns.
September 27, 2012 12:00 am
High-income investors, be forewarned: Starting next year, you'll be paying anew 3.8% tax on certain kinds of unearned income. The revenue from this so-called Medicare surtax will finance part of the health care overhaul signed into law in 2010. Only taxpayers with modified adjusted gross incomes of $200,000 for singles and $250,000 for joint filers in 2013 will be subject to the surtax.
September 27, 2012 12:00 am
Effective in 2013, the Health Care and Education Reconciliation Act of 2010 will subject some individuals to a 3.8% Medicare contribution tax on unearned income. This new tax will apply to single taxpayers with a modified adjusted gross income(MAGI) in excess of $200,000 and married taxpayers with a MAGI in excess of$250,000 if filing a joint return, or $125,000 if filing a separate return. The provision is contained in new Sec.
September 24, 2012 12:00 am
Thanks to legislation passed by Congress in 2010,the gift and estate tax exemption are both $5.12 million and both rates are currently 35%. In addition, the unused exemption of a deceased spouse may carryover and increase the surviving spouse's unused exemption resulting in a surviving spouse's estate tax exemption that can total up to $10 million. In other words, an estate up to $10 million may be passed to surviving beneficiaries (e.g., children) intact without any federal estate tax.
September 24, 2012 12:00 am
Year-end planning for 2012 is extremely challenging because we don't yet know what the tax rules will be next year. Unless Congress acts, tax rates will go up next year, many more individuals will be snared by the alternative minimum tax (AMT), and various deductions and other tax breaks will be unavailable. How Congress will resolve these issues may depend on what happens in the November elections, Year-end planning is a bigger challenge this year than in past years because, unless Congress act...
September 24, 2012 12:00 am
