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Your 2012 income tax return is due on April 15, 2013. What if you can’t get it done on time? Here are 4 easy steps to file your income tax extension.
Recently there has been a lot of noise about the top 1%. They certainly have taken a beating.
This was highlighted by the Occupy Wall Street Movement last year.
It has received significant attention during the Election.
There are several different ways to define the top 1%. In the interest of simplicity, we are saying its income over $400,000 per year.
Capital assets are generally those held for investment. Stocks, bonds and mutual funds are some examples. If there is a gain on the sale of these assets, a capital gains tax is due.
The highest ordinary income tax rate is 35%. This is scheduled to go up to 39.6%
Long-term capital gains are for capital assets held longer than a year. Capital assets include stocks, bonds and mutual funds. Collectibles and certain Real Estate are subject to special rules. The stated rate on long-term capital gains is currently 15%. If Congress fails to take any action, this will increase to 20%. The … Continue reading »