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The New Year’s celebrations are over.
It’s on to 2013.
Will this be unlucky 2013 for taxpayers?
We wrote earlier how there are 8 Reasons You Will Pay More Taxes in 2013…Guaranteed.
We also pointed out Why the Fiscal Cliff is Fiscally Irresponsible.
The reality is there will be tax increases. … Continue reading »
The highest ordinary income tax rate is 35%. This is scheduled to go up to 39.6%
Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis. Cost basis is generally what was paid for an item.
For 2011 and 2012, the federal estate tax exclusion is $5 million. For taxable estates in excess of $5 million, the highest federal tax rate is 35%. If there are no changes to the law, the federal estate tax exclusion will decline back to $1 million in 2013 and the highest federal estate tax bracket will be 55%.
With the Federal Estate Tax Exclusion of $5 million, many commentators have suggested estate planning is dead. I think this deserves a closer look.