Five hundred candidates for Congress, of which more than 250 won their parties’ nominations, have signed a petition by the American Family Business Institute to repeal the estate tax. The petition received 10 times the number of signatures as seen in previous elections, according to the AFBI. Read more»
Congress’ inability to resolve what to do about extending the Bush-era tax cuts may force the Treasury Department to push back the release of the 2011 tax-withholding tables, potentially causing tax increases for some workers. One option Treasury has is publishing tables based on the cuts expiring Jan. 1, possibly raising taxes on millions of taxpayers. Read more»
More Democrats want to extend all the Bush tax cuts for a year or two, even those for the wealthy, because of a weak economy and fear of raising taxes before the November elections. However, most Democrats in Congress support the president’s plan to make the tax cuts permanent for middle- and low-income families and let the cuts for individuals making more than $200,000 a year and married couples making more than $250,000 expire. Read more»
Now that Congress has passed landmark health care reform package, much work needs to be done in dealing with new requirements. While the end result of the legislative process is necessarily health care related, the tax law plays a major role in its implementation. From the tax credits and subsidies used to expand health coverage, to the many penalties, fees and surtaxes designed to pay for it, the Tax Code is front and center. Read more»
Prior to 2010, the income limits on both kinds of IRAs have prevented higher income taxpayers like you from making deductible contributions to traditional IRAs, or a contribution to a Roth IRA. Although you could make nondeductible contributions to a traditional IRA, the tax benefits were limited (i.e., no current deduction, the tax on the IRA income is deferred rather than eliminated, and minimum distributions are required). Read more»
Click on the following link to download the 2009 Year End Tax Planning Guide.
