The New Tax Relief Act: How Will You Be Impacted?

Size: px
Start display at page:

Download "The New Tax Relief Act: How Will You Be Impacted?"

Transcription

1 STRATEGIC THINKING The New Tax Relief Act: How Will You Be Impacted? The President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 ( the Act ) on December 17th, Extended Individual Income Tax Rates Extended Dividend & Capital Gain Tax Rates Qualified Charitable Distribution Extended Itemized Deductions AMT Patch & Extended Sales Tax Deduction Election Available * $1MM Gift Tax Exemption Payroll Tax Holiday $5MM Estate Tax Exemption $5MM Unified Gift Tax Exemption $5MM GST Tax Exemption, 0% $5MM GST Tax Exemption, 35% Portability of Estate Tax Exemption * The election available is no estate tax with a modified carryover basis or apply the 2011 rules described in the Basis Election section below. continued SEE IMPORTANT DISCLOSURES ON PAGE 8 December 2010

2 STRATEGIC THINKING The Act contains numerous provisions including temporary extensions of Bush-era tax cuts, AMT relief, and expiring provisions such as tax-free IRA distributions to charity. The Act also addresses the estate tax rules for , contains provisions for business tax relief, and institutes a temporary payroll tax decrease. Individual Tax Rates The Act extends the tax rates (10%, 15%, 25%, 28%, 33% and 35%) enacted in The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) through The rate extension was granted to taxpayers in the top two tax brackets as well as lower and middle-income taxpayers, which was the subject of much debate among politicians. The ability to accelerate income into 2010 is no longer available but clients may still want to consider a longer-term plan of recognizing income over the next two years as income tax rates may rise after With the tax rate extension, clients who have completed a Roth Conversion in 2010 need to Income Tax Rates extended through 2012 STATUS 2011 BRACKETS INDIVIDUAL TAX RATES CAPITAL GAINS RATES QUALIFIED DIVIDEND RATES NOT OVER $8,500 NOT OVER $17,000 OVER $8,500 BUT NOT OVER $34,500 OVER $17,000 BUT NOT OVER $69,000 OVER $34,500 BUT NOT OVER $83,600 OVER $69,000 BUT NOT OVER $139,350 OVER $83,600 BUT NOT OVER $174,400 OVER $139,350 BUT NOT OVER $212,300 OVER $174,400 BUT NOT OVER $379,150 OVER $212,300 BUT NOT OVER $379,150 10% 0% 0% 15% 0% 0% 25% 15% 15% 28% 15% 15% 33% 15% 15% OVER $379,150 35% 15% 15% Married Filed Jointly 2

3 THE NEW TAX RELIEF ACT revisit whether taking advantage of the provision that allows for spreading the tax payment over 2011 and 2012 makes more sense than paying it in full when they file their 2010 taxes. Qualified Dividends and Capital Gains 15% Many of our Financial Advisors and their clients have been concerned with the looming expiration of reduced rates on qualified dividends and longterm capital gains. The Act extends the 15% rate for qualified dividend and capital gain income through December 31, To the extent you are in the 10% or 15% tax bracket, capital gains and dividends are effectively tax free at a 0% rate. Gifting to a child in these two tax brackets may also be a great strategy but be mindful of the Kiddie Tax. Itemized Deductions The repealed overall limitation on itemized deductions, or Pease limitation, will be in effect for two more years. Likewise, the repealed personal exemption phase-out (PEP) was scheduled to sunset but has also been extended for two years. These are both effective through Itemized deductions may be more valuable in the next two years because the phase-out rules will not apply. For example, if you make a charitable contribution in the next two years, you would get a dollar-for-dollar deduction subject to the charitable AGI (adjusted gross income) limitation however, there won t be a haircut on the charitable deduction due to the limitation on itemized deductions. Qualified Charitable Distribution The Act also contains a provision allowing taxpayers over age 70½ to direct their RMD (required minimum distribution) from their traditional IRA (individual retirement account) to a qualified charity and exempt the distribution (up to $100,000) from taxable income. It is effective for distributions made in 2010 and The provision includes a special rule permitting taxpayers to elect to have qualified charitable distributions made in January 2011 treated as having been made as of December 31, By making a distribution from an IRA directly to qualified charities without having to include it in income, your taxable income will be lower. The taxable portion of your social security benefit might be lower as well. Additionally, this benefits nonitemizers where no charitable deduction is available. No guidance has been released yet for those who have already taken their 2010 RMD and other details in connection with the qualified charitable distribution. Stay tuned for more information. AMT As in years past, the Act provides relief for AMT (alternative minimum tax) by including an AMT patch for 2010 and 2011, indexed for inflation. 3

4 STRATEGIC THINKING The AMT patch increases the AMT exemption amount which is intended to prevent middle income taxpayers from being subject to the AMT. Clients subject to the AMT should continue to work with their tax advisor as to the timing of payments (i.e., state and local income taxes, real estate taxes, etc.) in an attempt to mitigate their AMT liability. Sales Tax Deduction The Act extends the election to deduct state and local sales tax in lieu of state and local income tax for 2010 and The ability to deduct state and local sales tax as an itemized deduction is especially important for those individuals residing in a no-income-tax state such as Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Payroll Taxes The Federal Insurance Contributions Act (FICA) tax is composed of two parts: the old age, survivors, and disability insurance (OASDI) tax (6.2% of taxable wages up to $106,800) and Medicare hospital insurance of 1.45% (no wage cap). The total tax of 7.65% is imposed on each the employer and the employee. Self-employed individuals are responsible for the entire 15.3%. For 2011 only, the Act reduces the employee OASDI tax from 6.2% to 4.2%. The self-employed person tax is also reduced by two percentage points to 10.4% This payroll tax holiday is available to all wage earners irrespective of their income level. If you earn at or above the OASDI wage base of $106,800 you will receive a tax benefit of $2,136. Note that self-employed individuals would still calculate their deduction for self-employment taxes without regard to the temporary 2% rate deduction. That is ½ of 15.3% of self-employment income is still deductible. Business Incentives Bonus Depreciation The Act expands the first-year bonus depreciation deduction to 100% of the cost of qualified property purchased after September 8, 2010 through December 31, It then provides for a 50% first-year bonus depreciation deduction for qualified property purchased after December 31, Note that certain longer-lived property and transportation property has an extended period for deduction if placed in service before January 1, This boosts bonus depreciation from 50% to 100% through Its applicability is not just for smaller businesses. Section 179 Deduction Business owners may elect to immediately deduct, or expense, the cost of qualifying property instead of depreciating it over a number of years. For 2010 and 2011, business owners may expense up to $500,000 reduced by the amount by which the 4

5 THE NEW TAX RELIEF ACT cost of the qualifying property placed in service during the year exceeds $2 million. For 2012, the maximum expense amount is $125,000 reduced by property exceeding $500,000. Beginning in 2013, the expense amount is $25,000 on $200,000 of property. For 2010 and 2011, the definition of qualifying property has been temporarily expanded to include qualified leasehold improvement, restaurant and retail properties. Additionally, off-the-shelf computer software is treated as qualifying property if placed in service before Small Business Stock The Act extends the 100% capital gain exclusion for an additional year if the qualified small business stock is held for at least five years. The stock must be purchased between September 27, 2010 and January 1, The Act provides a longer window of opportunity to purchase small business stock but you will have to wait at least five years to reap the 100% federal income tax gain exclusion. In addition, the gain is not subject AMT. Estate Taxes Temporary Estate, Gift and GST Tax Changes The estate and GST (generation-skipping transfer) taxes were phased out and eventually repealed in In 2011, the estate and GST taxes were set to return, with the top estate, GST and gift-tax rate reverting to 55% with an applicable exclusion amount of $1.0 million. The Act reinstates the estate and GST taxes. For 2011 and 2012, the top estate-tax rate will be at 35% and the applicable exclusion amount will be $5 million per individual. The Act also reunifies the applicable exclusion amount ($5 million) and rates (35%) for estate, gift and GST taxes. EXEMPTIONS AND RATES 2010 TAX RELIEF 2011 & 2012 * ESTATE TAX EXEMPTION REPEALED * $5,000,000 TOP ESTATE TAX RATE REPEALED * 35% GIFT TAX EXEMPTION $1,000,000 $5,000,000 TOP GIFT TAX RATE 35% 35% GST EXEMPTION $5,000,000 $5,000,000 TOP GST TAX RATE 0% 35% * Executors of 2010 estates are allowed an election to apply 2010 or 2011 laws. Unless extended, the estate, gift and GST tax exemptions and rates revert back to 2001 levels in The estate tax exemption is inflation adjusted in For married persons, it is common for wills and revocable living trusts to include provisions for the funding of a bypass or credit shelter trust at the death of the first spouse. This funding is usually accomplished by a formula. Given the dramatic increase by the Act in the estate tax exemption amount, documents should be reviewed for formula clauses that may no longer meet your goals and objectives. In addition, the increased 5

6 STRATEGIC THINKING exemption may cause an unexpected tax liability upon the death of the first spouse in states with a separate death tax. The $5 million gift tax exemption will open up a lot of lifetime gifting opportunities. Estate freeze transactions like GRATs (grantor retained annuity trusts) and transfers to trust in exchange for promissory notes will also continue to be popular with the current low interest rate environment. Note that the proposed curtailment of the benefits of GRATs was not included in this legislation. Prior bills included a mandatory gift tax and a minimum 10-year trust term. GRATs remain viable estate freeze transactions for the time being. Portability of Exemption Effective for estates of decedents dying after December 31, 2010, the executor of a deceased spouse s estate may elect in a timely filed estate tax return to transfer any unused exemption to the surviving spouse. Unless extended, this expires along with the other estate tax changes at the end of This provision was intended as a simplification to eliminate the need for retitling of assets between spouses and utilizing tax-related trust planning at the first death such as bypass or credit shelter trusts. However, with the provision being only a temporary two-year provision the drafting of estate documents will become more complicated to take into account what may happen when the temporary extension expires. We anticipate an increased emphasis on disclaimer planning to give the surviving spouse maximum flexibility to efficiently incorporate a desire to freeze values at the first death and to accomplish tax and inheritance goals. Basis Election Executors of 2010 estates are allowed to elect whether to apply 2010 or 2011 law (i.e., pay no estate tax and use a modified carryover basis or be subject to estate tax using a $5 million exemption and a top rate of 35% with a full step-up in basis). For an estate of a person that died in 2010 that is below $5 million, the executor may want to elect to apply the 2011 law. By making such an election, the estate will get a full step-up in basis without actually paying any estate tax. For large estates, heirs may be better off if an election is made to apply the 2010 law because the 15% capital gains rate is more favorable than the 35% estate tax rate. Each case is unique and the executor will need to do the math and examine the particular situations with the estate tax and capital gains tax to make the right choice. Please consult your tax and legal advisors regarding your specific situation. 6

7 THE NEW TAX RELIEF ACT 7

8 Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Smith Barney Financial Advisors do not provide tax or legal advice. This material was not intended or written to be used for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters Morgan Stanley Smith Barney LLC. Member SIPC / PS-2658v2

In the Know December 30, 2010

In the Know December 30, 2010 In the Know December 30, 2010 On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 aka the 2010 Tax Relief Act. Below we break

More information

TAX RELIEF ACT UPDATED DECEMBER 29, 2010

TAX RELIEF ACT UPDATED DECEMBER 29, 2010 2010 TAX RELIEF ACT UPDATED DECEMBER 29, 2010 TAX RELIEF, UNEMPLOYMENT INSURANCE RE-AUTHORIZATION, AND JOB CREATION ACT OF 2010 INTRODUCTION On December 17, 2010, President Obama signed the much-anticipated

More information

Highlights of the 2010 Tax Relief Act

Highlights of the 2010 Tax Relief Act On December 7, 200, President Barack Obama signed into law H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 200 (the 200 Tax Relief Act). This massive bill affects

More information

Senate passes 2010 Tax Relief Act, featuring extension of Bush-era tax cuts & other tax breaks, plus stimulus measures

Senate passes 2010 Tax Relief Act, featuring extension of Bush-era tax cuts & other tax breaks, plus stimulus measures Senate passes 2010 Tax Relief Act, featuring extension of Bush-era tax cuts & other tax breaks, plus stimulus measures On December 15, the Senate passed, today by a vote of 81-19, the Tax Relief, Unemployment

More information

Akerman Practice Update

Akerman Practice Update Akerman Practice Update TAXATION December 2010 2010 Tax Relief Act Will Preserve Lower Income Tax Rates and Provide Other Tax Incentives L. Frank Cordero frank.cordero@ Richard T. Hurt richard.hurt@ William

More information

An Overview of The Tax Relief Act on 2010

An Overview of The Tax Relief Act on 2010 An Overview of The Tax Relief Act on 2010 On December 17, 2010, the President signed a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act

More information

2010 Tax Relief Act extends Bush-era tax cuts & other tax breaks, includes stimulus measures

2010 Tax Relief Act extends Bush-era tax cuts & other tax breaks, includes stimulus measures 2010 Tax Relief Act extends Bush-era tax cuts & other tax breaks, includes stimulus measures By a vote of 277-148, the House of Representatives late December 16 passed the Senateapproved Tax Relief, Unemployment

More information

Crunch or Crucible? Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College

Crunch or Crucible? Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College Pomona College, Office of Trusts & Estates, 550 N. College Ave., Claremont, CA 91711 www.pomona.planyourlegacy.org

More information

LIFE INSURANCE DIVISION

LIFE INSURANCE DIVISION TAX LAW SUMMARY American Taxpayer Relief Act MKTG-OC-1053A LIFE INSURANCE DIVISION TAX LAW SUMMARY American Taxpayer Relief Act INDIVIDUAL TAX PROVISIONS...3 Individual Tax Rates...3 Marriage Penalty Relief...4

More information

Tax Relief Act of 2010 extends Bush-era tax cuts and carries a host of other tax breaks

Tax Relief Act of 2010 extends Bush-era tax cuts and carries a host of other tax breaks Tax Relief Act of 2010 extends Bush-era tax cuts and carries a host of other tax breaks Late on December 9, Senate Majority Leader Harry Reid (D-NV) introduced H.R. 4853, the Tax Relief, Unemployment Insurance

More information

The Tax Relief Act What You Need to Know. Presented by: Postlethwaite & Netterville Bill Potter, CPA, JD Brandon Lagarde, CPA, JD

The Tax Relief Act What You Need to Know. Presented by: Postlethwaite & Netterville Bill Potter, CPA, JD Brandon Lagarde, CPA, JD The Tax Relief Act What You Need to Know Presented by: Postlethwaite & Netterville Bill Potter, CPA, JD Brandon Lagarde, CPA, JD The agenda Individuals Investing Charitable giving Estate planning Businesses

More information

Overview of 2010 Tax Relief Act

Overview of 2010 Tax Relief Act TAXES IN YOUR PRACTICE Overview of 2010 Tax Relief Act by SCOTT E. VINCENT The recently enacted Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Act ) is a sweeping

More information

Obama Tax Compromise APPROVED by Congress

Obama Tax Compromise APPROVED by Congress December 17, 2010 Obama Tax Compromise APPROVED by Congress on Thursday, December 16, 2010 The $858 billion tax deal negotiated by President Obama and Republican leadership was overwhelmingly approved

More information

The American Tax Relief Act of 2012 (HR 8, the Act )

The American Tax Relief Act of 2012 (HR 8, the Act ) NATIONAL CAPITAL GIFT PLANNING COUNCIL The Fiscal Cliff, Taxes and Planned Giving: Where Are We Now? Robert E. Madden Susan Leahy BLANK ROME LLP JANUARY 9, 2013 The American Tax Relief Act of 2012 (HR

More information

PERSONAL TAX PLANNING

PERSONAL TAX PLANNING PERSONAL TAX PLANNING after the new tax law American Taxpayer Relief Act 2606 116 th Avenue N.E., Suite 200 Bellevue, Washington 98004 Tel 425-629-1990, Fax 425-629-1999 www.sweeneyconrad.com PERSONAL

More information

Most of ATRA s provisions benefit individual taxpayers through extensions of lower tax rates, certain deductions 10% 10% 15% 15% 25% 25% 28% 28%

Most of ATRA s provisions benefit individual taxpayers through extensions of lower tax rates, certain deductions 10% 10% 15% 15% 25% 25% 28% 28% TAX ACT OVERVIEW American Taxpayer Relief Act saves taxes for many, boosts them for some On Jan. 1, Congress passed the American Taxpayer Relief Act of 2012 (ATRA) to address the fiscal cliff a combination

More information

KATZ BASKIES LLC Highlights of the new 2010 Tax Relief Act

KATZ BASKIES LLC Highlights of the new 2010 Tax Relief Act KATZ BASKIES LLC Highlights of the new 2010 Tax Relief Act On December 17, the President signed the The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 ( The Tax Relief

More information

TAX RELIEF ACT EXTENDS CURRENT TAX RATES, RENEWS EXPIRING PROVISIONS AND PROVIDES NEW INCENTIVES FOR INVESTMENT

TAX RELIEF ACT EXTENDS CURRENT TAX RATES, RENEWS EXPIRING PROVISIONS AND PROVIDES NEW INCENTIVES FOR INVESTMENT DECEMBER 2010 WWW.BDO.COM SUBJECT TAX RELIEF ACT EXTENDS CURRENT TAX RATES, RENEWS EXPIRING PROVISIONS AND PROVIDES NEW INCENTIVES FOR INVESTMENT SUMMARY CONTACT: KEVIN ANDERSON National Tax Services,

More information

The 2010 Tax Relief Act What you need to know

The 2010 Tax Relief Act What you need to know The 2010 Tax Relief Act What you need to know The extension of the lower income and capital gains tax rates set to expire Dec. 31, along with significant reductions to the estate tax, has probably received

More information

American Taxpayer Relief Act of 2012- UPDATED

American Taxpayer Relief Act of 2012- UPDATED American Taxpayer Relief Act of 2012- UPDATED On January 2, 2013, the President signed the American Taxpayer Relief Act, thus ending the nation s brief stint over the fiscal cliff a confluence of expiring

More information

The 2010 Tax Relief Act

The 2010 Tax Relief Act January 2011 The 2010 Tax Relief Act Information You Should Know From the Accountants at Schneider Downs 2010 tax relief act 1 On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment

More information

Client Tax Letter. Reducing Uncertainty, Increasing. Complexity. What s Inside. April/May/June 2013

Client Tax Letter. Reducing Uncertainty, Increasing. Complexity. What s Inside. April/May/June 2013 Client Tax Letter Tax Saving and Planning Strategies from your Trusted Business Advisor sm Reducing Uncertainty, Increasing Complexity Each April, most Americans file their income tax returns for the previous

More information

INDIVIDUALS. Vol. 13, Issue 1 Scribner, Cohen and Company, S.C. CPAs and Advisors American Taxpayer Relief Act

INDIVIDUALS. Vol. 13, Issue 1 Scribner, Cohen and Company, S.C. CPAs and Advisors American Taxpayer Relief Act Vol. 13, Issue 1 Scribner, Cohen and Company, S.C. CPAs and Advisors American Taxpayer Relief Act By: Dawn Wittak, CPA, MST, Tammy Wishowski, CPA, and Jessica Gatzke, CPA, MST After months of proposals

More information

Tax Facts Quick Reference 2012

Tax Facts Quick Reference 2012 Wealth Management Services Tax Facts Quick Reference 2012 Income Investment Estate Retirement Social Security FOR USE BY FINANCIAL ADVISORS AND CLIENTS IN CONSULTATION WITH THEIR FINANCIAL ADVISOR FOR

More information

TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013

TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013 TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013 ABSTRACT The fiscal cliff debate culminated in the passage

More information

President Obama signed a multi-billion

President Obama signed a multi-billion 2010 TAX RELIEF/JOB CREATION ACT December 21, 2010 Highlights Reduced Individual Tax Rates Reduced Capital Gains/ Dividend Tax Rates $1,000 Child Tax Credit AOTC And Other Education Incentives Two-Year

More information

BASIC ESTATE PLANNING AFTER THE TAX RELIEF ACT OF 2010 ( ACT ) NOVEMBER 2, 2011. David L. Higgs Husch Blackwell LLP

BASIC ESTATE PLANNING AFTER THE TAX RELIEF ACT OF 2010 ( ACT ) NOVEMBER 2, 2011. David L. Higgs Husch Blackwell LLP BASIC ESTATE PLANNING AFTER THE TAX RELIEF ACT OF 2010 ( ACT ) NOVEMBER 2, 2011 David L. Higgs Husch Blackwell LLP Basic Estate Planning After the Tax Relief Act of 2010 ( Act ) The Act was passed and

More information

EXECUTIVE SUMMARY American Taxpayer Relief Act of 2012

EXECUTIVE SUMMARY American Taxpayer Relief Act of 2012 TAX LEGISLATION January 2013 EXECUTIVE SUMMARY American Taxpayer Relief Act of 2012 Late in the night, on January 1, 2013, Congress completed work on the tax piece of the so-called fiscal cliff negotiations.

More information

2011 Tax And Financial Planning Tables

2011 Tax And Financial Planning Tables 2011 Tax and Financial PLanning Tables Investment Planning 2011 Tax And Financial Planning Tables Tax planning is an important component for your overall financial plan. 2011 Tax and Financial PLanning

More information

2016 Tax Planning & Reference Guide

2016 Tax Planning & Reference Guide 2016 Tax Planning & Reference Guide The 2016 Tax Planning & Reference Guide is designed as a reference and is not intended to function as tax advice. Please consult your professional accounting advisor

More information

Tax Relief/Job Creation Act of 2010

Tax Relief/Job Creation Act of 2010 December 2010 taxalerts.plantemoran.com Tax Relief/Job Creation Act of 2010 Congress Passes Two-Year Extension of Bush-Era Tax Cuts, Payroll Tax Relief, Estate Tax Compromise Congress has approved, and

More information

Client Letter: Individual Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Client Letter: Individual Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 Source: Tax Legislation > 111th Congress (2009-2010) > Enacted > Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312) > Practice Tools > Client Letter: Individual

More information

Congress has approved and the

Congress has approved and the TAX RELIEF/JOB CREATION ACT Of 2010 December 17, 2010 HIGHLIGHTS Reduced Individual Tax Rates Reduced Capital Gains/ Dividend Tax Rates $1,000 Child Tax Credit AOTC And Other Education Incentives Two-Year

More information

ANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY)

ANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY) ANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY) AMERICAN TAXPAYER RELIEF ACT OF 2012 In the wee hours of New Year s morning, the Senate passed the American Taxpayer Relief

More information

ADVANCED PLANNING CONCEPTS IN LIGHT OF THE AMERICAN TAXPAYER RELIEF ACT (October 11, 2013)

ADVANCED PLANNING CONCEPTS IN LIGHT OF THE AMERICAN TAXPAYER RELIEF ACT (October 11, 2013) ADVANCED PLANNING CONCEPTS IN LIGHT OF THE AMERICAN TAXPAYER RELIEF ACT (October 11, 2013) By: Phoebe Moffatt, Attorney CERTIFIED AS A SPECIALIST IN ESTATE AND TRUST LAW STATE BAR OF ARIZONA BOARD OF LEGAL

More information

New Portability Rules: A Cure for Incomplete Estate Planning

New Portability Rules: A Cure for Incomplete Estate Planning New Portability Rules: A Cure for Incomplete Estate Planning Many CPAs are involved in representing estates of decedents who died in 2011 and 2012. In dealing with such estates, it is important to focus

More information

Tax Law Changes for Individuals and Businesses

Tax Law Changes for Individuals and Businesses TAX & BUSINESS PLANNING IN THE NEWS January 2011 Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 A Tax and Business Planning Update The Tax and Business Planning group

More information

2010 Tax Relief Act: Estate, Gift and Generation Tax Provisions

2010 Tax Relief Act: Estate, Gift and Generation Tax Provisions Estate, Gift and Generation Tax Provisions On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief

More information

A Powerful Way to Plan: The Grantor Retained Annuity Trust

A Powerful Way to Plan: The Grantor Retained Annuity Trust Strategic Thinking A Powerful Way to Plan: The Grantor Retained Annuity Trust According to The Taxpayer Relief Act of 2010, the estate and gift exemption amount has been increased temporarily, for 2011

More information

Taking Advantage of the New Gift and Estate Tax Law

Taking Advantage of the New Gift and Estate Tax Law product resource Taking Advantage of the New Gift and Estate Tax Law summary tra 2010 in brief Congressional debate about whether to extend tax cuts put into place during the Bush administration came to

More information

Estate, Gift, And GST Taxes: What Actually Happened

Estate, Gift, And GST Taxes: What Actually Happened Estate, Gift, And GST Taxes: What Actually Happened Kenneth A. Goldstein The increased gift tax exemption and other provisions contained in the 2011 Act provide tremendous opportunities to save federal

More information

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2012

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2012 OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2012 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION February 24, 2012 JCX-18-12 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL

More information

PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS

PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS American Taxpayer Relief Act January 1, 2013 Here are the act s main tax features: Individual tax rates All the individual marginal tax rates

More information

Custodial accounts 3. Kiddie tax 4. Estimated tax payments 4. Retirement plans 6. 2015 individual income tax rates 10. Charitable contributions 12

Custodial accounts 3. Kiddie tax 4. Estimated tax payments 4. Retirement plans 6. 2015 individual income tax rates 10. Charitable contributions 12 a b 2015 tax planning guide The confidence to pursue all your life goals begins with a plan. Advice. Beyond investing. Your financial life encompasses much more than the current markets. It includes your

More information

Private Wealth Management Trust & Estate Insights

Private Wealth Management Trust & Estate Insights Private Wealth Management Trust & Estate Insights March 2011 In This Issue Taking Advantage of the Increased Gift Tax Exemption Key Takeaways: The federal gift tax exemption has risen from $1 million per

More information

UPDATED January 3, 2013

UPDATED January 3, 2013 2012 AMERICAN TAXPAYER RELIEF ACT OF 2012 UPDATED January 3, 2013 TABLE OF CONTENTS Introduction...1 Individual Income Tax Rates...2 Capital Gains/ Dividends Sunsets...4 Permanent AMT Relief...5 Itemized

More information

bpq^qbi=dfcq=^ka=dbkbo^qflkjphfmmfkd== molsfpflkp=lc=qeb=q^u=obifbci== rkbjmilvjbkq=fkpro^k`b=^rqelofw^qflki=

bpq^qbi=dfcq=^ka=dbkbo^qflkjphfmmfkd== molsfpflkp=lc=qeb=q^u=obifbci== rkbjmilvjbkq=fkpro^k`b=^rqelofw^qflki= bpq^qbi=dfcq=^ka=dbkbo^qflkjphfmmfkd== molsfpflkp=lc=qeb=q^u=obifbci== rkbjmilvjbkq=fkpro^k`b=^rqelofw^qflki= ^ka=gl_=`ob^qflk=^`q=lc=omnm== E qeb=q^u=obifbc=^`qòf= John H. Turner, III Phone 804.420.6480

More information

Congress passes 2012 Taxpayer Relief Act and averts fiscal cliff tax consequences

Congress passes 2012 Taxpayer Relief Act and averts fiscal cliff tax consequences We will continue to expand on the provisions of the taxpayer relief act as more information becomes available. If you have any questions please feel free to contact us. Congress passes 2012 Taxpayer Relief

More information

Issues INSIGHTS AND. Halfway Over the Cliff Taxes Resolved but Debt Ceiling and Spending Cuts Loom

Issues INSIGHTS AND. Halfway Over the Cliff Taxes Resolved but Debt Ceiling and Spending Cuts Loom Issues AND INSIGHTS January 7 2013 Halfway Over the Cliff Taxes Resolved but Debt Ceiling and Spending Cuts Loom Carol Kroch, Esq. Managing Director, Wealth and Philanthropic Planning, Wilmington Trust

More information

Analysis of the Relief Act of 2012

Analysis of the Relief Act of 2012 //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// January 2013 Analysis of the American Taxpayer

More information

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 Advisory Estates, Trusts & Tax Planning Tax March 3, 2011 New Estate and Gift Tax Laws for 2011-2012 and Transfer Tax Provisions of the President's Proposed Budget for 2012 by Jennifer Jordan McCall, Ellen

More information

CLIFF A CASE FOR CHARITABLE GIVING AND DEFENSIVE POSITIONING

CLIFF A CASE FOR CHARITABLE GIVING AND DEFENSIVE POSITIONING THE FISCAL CLIFF A CASE FOR CHARITABLE GIVING AND DEFENSIVE POSITIONING The CriTTenTon FoundaTion & LJPr, LLC Leon C. LaBreCque, JD, CPa, CFP, CFa ! Preface The Perfect Tax Storm: Prospective Expiration

More information

News Release Date: 1/8/13

News Release Date: 1/8/13 News Release Date: 1/8/13 American Taxpayer Relief Act of 2012 Cross References H.R. 8, the American Taxpayer Relief Act of 2012 TheTaxBook, 2012 Tax Year, 1040 Edition/Deluxe Edition, pages 1-6 and 1-7.

More information

Business Succession Planning. 2011 Morgan Stanley Smith Barney LLC. Member SIPC

Business Succession Planning. 2011 Morgan Stanley Smith Barney LLC. Member SIPC 2011 Morgan Stanley Smith Barney LLC. Member SIPC 2011-PS-541 Expires: February 2012 Date of First Use: February 2011 Updated/Reviewed: February 2011 Overview Why Succession Planning is Important Common

More information

Wealthiest Families Know: 2013 & Beyond

Wealthiest Families Know: 2013 & Beyond What the Wealthiest Families Know: 2013 & Beyond Determine How Estate Planning Strategies and Life Insurance May Help You Turn Your Goals into a Wealth Legacy Whether you acquired it or inherited it, wealth

More information

Estate and Gift Tax Planning: 2013 Update

Estate and Gift Tax Planning: 2013 Update Estate and Gift Tax Planning: 2013 Update Moira S. Laidlaw, Esq. Two Depot Plaza, Suite 203 Bedford Hills, New York 10507 mlaidlaw@laidlawfirm.com Disclaimer This is an overview not a complete statement

More information

2013 Year End Tax Planning Seminar

2013 Year End Tax Planning Seminar 2013 Year End Tax Planning Seminar Walter H. Deyhle, CPA, CFP December 4, 2013 GRF s Tax Team 2 Disclosure This presentation and these materials are designed to provide accurate and authoritative information

More information

Overview of the tax provisions in the 2012 American Taxpayer Relief Act

Overview of the tax provisions in the 2012 American Taxpayer Relief Act Overview of the tax provisions in the 2012 American Taxpayer Relief Act Dear Client, The recently enacted 2012 American Taxpayer Relief Act is a sweeping tax package that includes, among many other items,

More information

Bill Draft 2015-SVxz-2D: IRC Update.

Bill Draft 2015-SVxz-2D: IRC Update. 2015-2016 General Assembly Bill Draft 2015-SVxz-2D: IRC Update. Committee: Revenue Laws Study Committee Date: January 13, 2015 Introduced by: Prepared by: Trina Griffin Analysis of: 2015-SVxz-2D Committee

More information

The Perils and Prospects of Portability

The Perils and Prospects of Portability Gift and Estate Tax Planning Insights The Perils and Prospects of Portability Jeffrey M. Cheyne, Esq. With the passage of federal tax relief laws in recent years, the porting of unused federal estate tax

More information

Income, Gift, and Estate Tax Update

Income, Gift, and Estate Tax Update Income, Gift, and Estate Tax Update Individual Income Tax Rates p. 1 Phil Harris Department of Agricultural and Applied Economics University of Wisconsin-Madison Marriage Penalty Relief p. 1 Capital Gains

More information

2014 tax planning tables

2014 tax planning tables 2014 tax planning tables 2014 important deadlines Last day to January 15 Pay fourth-quarter 2013 federal individual estimated income tax January 27 Buy in to close a short-against-the-box position (regular-way

More information

SELECTED PROVISIONS OF MAJOR TAX LEGISLATION BY ACT 1981 to 2006 PROVISION ERTA 1981 TRA 1986 OBRA 1989 OBRA 1990 OBRA 1993 TRA 1997 EGTRRA 2001

SELECTED PROVISIONS OF MAJOR TAX LEGISLATION BY ACT 1981 to 2006 PROVISION ERTA 1981 TRA 1986 OBRA 1989 OBRA 1990 OBRA 1993 TRA 1997 EGTRRA 2001 SELECTED PROVISIONS OF MAJOR TAX LEGISLATION BY ACT 1981 to 2006 PROVISION ERTA 1981 TRA 1986 OBRA 1989 OBRA 1990 OBRA 1993 TRA 1997 EGTRRA 2001 Tax Rates Reduced marginal tax rates by 23% over 3 years,

More information

Tax Facts At-A-Glance

Tax Facts At-A-Glance 2016 Tax Facts At-A-Glance Income Taxes 2015 If Taxable Income is: But Not Of the Over Over The Tax is Amount Over Married Filing Jointly: $ 0 $ 18,450 $ 0 + 10% $ 0 18,450 74,900 1,845 + 15% 18,450 74,900

More information

Bunting, Tripp IngleyLLP

Bunting, Tripp IngleyLLP Dear Clients and Friends, As the end of 2011 approaches, now is a good time to start year-end tax planning to minimize your individual and business tax burden. Generally, year-end tax planning involves

More information

IMPLICATIONS OF THE 2010 TAX RELIEF ACT

IMPLICATIONS OF THE 2010 TAX RELIEF ACT Our Perspective IMPLICATIONS OF THE 2010 TAX RELIEF ACT Understanding income and wealth transfer tax relief // Evaluating your plan and potential strategies // How to take action TABLE OF CONTENTS Introduction

More information

tax planning strategies

tax planning strategies tax planning strategies In addition to saving income taxes for the current and future years, effective tax planning can reduce eventual estate taxes, maximize the amount of funds you will have available

More information

Post Election Focus: Stars, Stripes & Taxes

Post Election Focus: Stars, Stripes & Taxes Post Election Focus: Stars, Stripes & Taxes Presented By: Margo Cook, CPA December 6, 2012 Click HERE to listen to webinar. Post Election Focus: Stars, Stripes & Taxes Presented By: Margo Cook, CPA December

More information

The IRA Rollover. Making Sense Out of Your Retirement Plan Distribution

The IRA Rollover. Making Sense Out of Your Retirement Plan Distribution The IRA Rollover Making Sense Out of Your Retirement Plan Distribution Expecting a Distribution? You have been a participant in your employer s retirement plan for a number of years, and you have earned

More information

2014 YEAR-END TAX PLANNING LETTER. Tax Strategies for Individuals

2014 YEAR-END TAX PLANNING LETTER. Tax Strategies for Individuals Dear Clients and Friends, The country s taxpayers are facing more uncertainty than usual as they approach the 2014 tax season. They may feel trapped in limbo while Congress is preoccupied with the November

More information

Here is a quick summary of most-important tax changes starting with those that affect individuals. Payroll Tax Holiday Is Dead (So Far)

Here is a quick summary of most-important tax changes starting with those that affect individuals. Payroll Tax Holiday Is Dead (So Far) Dear Clients: The American Taxpayer Relief Act of 2012 (better known as the fiscal cliff legislation) became law on 1/2/13. Due to the expiration of the so-called payroll tax holiday, all workers will

More information

2014-2015 Tax Update: Another Year For Tax Breaks By Kurt J. Kilwein, CPA, CFP, Partner and Olga Zarney, CPA, MBT, Manager

2014-2015 Tax Update: Another Year For Tax Breaks By Kurt J. Kilwein, CPA, CFP, Partner and Olga Zarney, CPA, MBT, Manager WINTER 2014-2015 2014-2015 Tax Update: Another Year For Tax Breaks By Kurt J. Kilwein, CPA, CFP, Partner and Olga Zarney, CPA, MBT, Manager Individual Taxation Many of the tax breaks which expired at the

More information

Creating Tax Alpha B & F Financial Analytics, Inc.

Creating Tax Alpha B & F Financial Analytics, Inc. This presentation is not intended to provide legal or tax advice. Consult with your legal and tax professional To determine how the concepts presented apply in your Situation. Creating Tax Alpha B & F

More information

H.R. 1836: THE ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 ( ACT )

H.R. 1836: THE ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 ( ACT ) STEVEN L. CANTOR HAL J. WEBB STEVEN L. CANTOR, P.A. BRICKELL BAY OFFICE TOWER SUITE 2908 1001 BRICKELL BAY DRIVE MIAMI, FLORIDA 33131 TELEPHONE(305)374-3886 FACSMILE(305)371-4564 NAPLES OFFICE SUITE 200

More information

WEALTH TRANSFER TAXES

WEALTH TRANSFER TAXES WEALTH TRANSFER TAXES How do the estate, gift, and generation-skipping transfer taxes work?... 1 Who pays the estate tax?... 2 How many people pay the estate tax?... 2 How could we reform the estate tax?...

More information

Recent tax law changes and some that may come after the national elections are likely to have a significant impact on year-end tax planning in 2014.

Recent tax law changes and some that may come after the national elections are likely to have a significant impact on year-end tax planning in 2014. 33 Century Hill Drive Latham, NY 12110 tel: (518) 783-7200 fax: (518) 783-7385 William Lutz, CPA Edward J. Selig, CPA William A. Zeronda, CPA Richard J. Anastasia, CPA Gregory J. Abbattisti, CPA Paul R.

More information

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013 OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION January 8, 2013 JCX-2-13 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL

More information

Summary of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010

Summary of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 Summary of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 Summary of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 On December

More information

Planning your estate

Planning your estate Planning your estate A general guide to estate planning Policies issued by: American General Life Insurance Company The United States Life Insurance Company in the City of New York What is estate planning?

More information

02/14/12. Small Business Tax Saving Strategies for the 2012 Filing Season. Advice for Small Businesses from CPAs. Expenses: Section 179 Deduction

02/14/12. Small Business Tax Saving Strategies for the 2012 Filing Season. Advice for Small Businesses from CPAs. Expenses: Section 179 Deduction Small Business Tax Saving Strategies for the 2012 Filing Season Updated December 12, 2011 Advice for Small Businesses from CPAs Tax incentive opportunities for small businesses in 2011 and 2012: - Expense-related

More information

January 2013. 900 Seventeenth Street N.W. Suite 1000 Dallas, TX 75201 Washington D.C. 20006 214-981-9407 202-478-7516. 300 Crescent Court Suite 800

January 2013. 900 Seventeenth Street N.W. Suite 1000 Dallas, TX 75201 Washington D.C. 20006 214-981-9407 202-478-7516. 300 Crescent Court Suite 800 American Taxpayer Relief Act of 2012 Overview of Provisions and Planning Implications for Estate Planning; Estate, Gift and GST Tax Provisions in Effect in 2012 Made Permanent, Subject to Increase in Tax

More information

Individual Tax Planning. Business Tax Planning. Financial Tax Planning

Individual Tax Planning. Business Tax Planning. Financial Tax Planning 33 Century Hill Drive Latham, NY 12110 tel: (518) 783-7200 fax: (518) 783-7385 William Lutz, CPA Edward J. Selig, CPA William A. Zeronda, CPA Richard J. Anastasia, CPA Gregory J. Abbattisti, CPA Paul R.

More information

The New Era of Wealth Transfer Planning #1. American Taxpayer Relief Act Boosts Life Insurance. For agent use only. Not for public distribution.

The New Era of Wealth Transfer Planning #1. American Taxpayer Relief Act Boosts Life Insurance. For agent use only. Not for public distribution. The New Era of Wealth Transfer Planning #1 American Taxpayer Relief Act Boosts Life Insurance For agent use only. Not for public distribution. In January 2013 Congress stepped back from the fiscal cliff

More information

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015 OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION March 30, 2015 JCX-70-15 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL

More information

Tax Alpha. Robert S. Keebler, CPA, M.S.T., AEP. Keebler & Associates, LLP 420 South Washington Street Green Bay, WI 54301.

Tax Alpha. Robert S. Keebler, CPA, M.S.T., AEP. Keebler & Associates, LLP 420 South Washington Street Green Bay, WI 54301. Tax Alpha Presented by Robert S. Keebler, CPA, M.S.T., AEP Keebler & Associates, LLP 420 South Washington Street Green Bay, WI 54301 Agenda 1. Five Dimensional Tax System Ordinary Income Rates Capital

More information

How To Get A Small Business Tax Credit

How To Get A Small Business Tax Credit 2010 FOCUS ON BUSINESS December 1, 2010 FEDERAL TAX UPDATE 2010 SMALL BUSINESS JOBS ACT & MISCELLANEOUS TAX PROVISIONS PRESENTED BY: DAVID P. VENISKEY, CPA TAX PARTNER EFP ROTENBERG, LLP TAX RATES Income

More information

PRESENT LAW AND HISTORICAL OVERVIEW OF THE FEDERAL TAX SYSTEM

PRESENT LAW AND HISTORICAL OVERVIEW OF THE FEDERAL TAX SYSTEM PRESENT LAW AND HISTORICAL OVERVIEW OF THE FEDERAL TAX SYSTEM Scheduled for a Public Hearing Before the COMMITTEE ON WAYS AND MEANS on January 20, 2011 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION

More information

The Perfect Estate Planning Storm By: John A. House, ChFC Together, current economic conditions and the New Tax Rules are intriguing!

The Perfect Estate Planning Storm By: John A. House, ChFC Together, current economic conditions and the New Tax Rules are intriguing! The Perfect Estate Planning Storm By: Together, current economic conditions and the New Tax Rules are intriguing! There has never been a better opportunity than today! Seldom in the history of the Tax

More information

2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012

2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012 THE UNIVERSITY OF TENNESSEE 2013 SINGLETON B. WOLFE MEMORIAL TAX CONFERENCE OCTOBER 31, 2013 2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012 JOHN D. HOUSTON, CPA Certified

More information

President Obama's 2016 Federal Budget Proposal

President Obama's 2016 Federal Budget Proposal President Obama's 2016 Federal Budget Proposal March 10, 2015 by Tim Steffen On the heels of his first State of the Union address to the nation after the mid-term elections, President Obama released his

More information

2015 vs. 2016 Key Facts and Figures Note: We highlighted the information that changed between 2015 and 2016 with a box.

2015 vs. 2016 Key Facts and Figures Note: We highlighted the information that changed between 2015 and 2016 with a box. 2015 vs. 2016 Key Facts and Figures Note: We highlighted the information that changed between 2015 and 2016 with a box. 2016 Keir Educational Resources Key Facts-1 800-795-5347 Personal Exemption 2015

More information

Wealth and Taxes: Planning for 2014

Wealth and Taxes: Planning for 2014 NOVEMBER 2013 Wealth and Taxes: Planning for 2014 2013 YEAR-END TAX PLANNING GUIDE TABLE OF CONTENTS On January 1, 2013, Congress passed the American Taxpayer Relief Act (ATRA), which addressed the scheduled

More information

Estate Planning in Decoupled States Post-ATRA

Estate Planning in Decoupled States Post-ATRA feature: By Bruce D. Steiner & Martin M. Shenkman Estate Planning in Decoupled States Post-ATRA One of the biggest challenges may be helping clients understand the complexities involved One of the more

More information

PRESENT LAW AND HISTORICAL OVERVIEW OF THE FEDERAL TAX SYSTEM

PRESENT LAW AND HISTORICAL OVERVIEW OF THE FEDERAL TAX SYSTEM PRESENT LAW AND HISTORICAL OVERVIEW OF THE FEDERAL TAX SYSTEM Scheduled for a Public Hearing Before the SENATE COMMITTEE ON FINANCE on December 2, 2010 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION

More information

Tax Relief in 2001 through 2011

Tax Relief in 2001 through 2011 in 2001 through 2011 Department of the Treasury May 2008 in 2001 through 2011 The tax relief enacted during the President s term in office, principally in the Economic Growth and Relief Reconciliation

More information

Traditional and Roth IRAs

Traditional and Roth IRAs october 2012 Understanding Traditional and Roth IRAs summary An Individual Retirement Account (IRA) is a powerful savings vehicle that can help you meet your financial goals. As shown in the chart on page

More information

The Legal Side of Estate & Succession Planning Peter B. Scott, Attorney Coan, Payton & Payne, LLC

The Legal Side of Estate & Succession Planning Peter B. Scott, Attorney Coan, Payton & Payne, LLC The Legal Side of Estate & Succession Planning Peter B. Scott, Attorney Coan, Payton & Payne, LLC Speaker Introduction Peter B. Scott, Attorney, Coan, Payton & Payne, LLC Greeley, CO Estate planning and

More information

tax planning strategies

tax planning strategies tax planning strategies In addition to saving income taxes for the current and future years, tax planning can reduce eventual estate taxes, maximize the amount of funds you will have available for retirement,

More information

2015 Savvy Year-End Tax Planning Thoughts & Ideas

2015 Savvy Year-End Tax Planning Thoughts & Ideas 2015 Savvy Year-End Tax Planning Thoughts & Ideas JONATHAN GASSMAN CFP, CPA/PFS November 11, 2015 2015 Tax Rates Ordinary Income Qualified Dividends & Long-Term Capital Gains 10% 15% 25% 28% 2015 Rates

More information

Year-End Financial Planning Letter 2 14

Year-End Financial Planning Letter 2 14 Year-End Financial Planning Letter 2 14 The Patient Protection and Affordable Care Act of 2010 (the PPACA) added several key tax provisions this year for individuals and employers, including a new 3.8%

More information