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. more…
Category: Tax News
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Tags: Adjusted Gross Income, AGI, Appreciated Property, Asset, Avoid Capital Gains Tax, Capital Gains, Captial Gains Tax, Cash Donation, Cash Donations, Charitable Donation, Charities, Charity, Connecticut, Connecticut Estate Tax, Cost Basis, CT, CT Estate Tax, Donation, Donors, economy, Estate, Estate Planning, estate tax, Fair Market Value, Federal Estate Tax, Federal Income Tax, Income Tax, Itemized Deductions, Property, Restricted Gift, Schedule A, Standard Deduction, Stock, Unrestricted Gift |
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19 Kids and Counting is TLC's TV show about the Duggar family. I'm not sure what is scarier, the fact that they already have 19 kids or the rest of the title…"and Counting." more…
Category: Tax News
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Tags: 19 Kids and Counting, Alternative Minimum Tax, AMT, April 15th, Capital Gains Tax, Cirgarette Tax, Connecticut, CPA, CT, estate tax, Excise Tax, Federal Unemployment Tax, Gas Tax, Generation Skipping Tax, Gift Tax, GST, Income Tax, Luxury Tax, Medicare Tax, Personal Property Tax, Real Estate Tax, Sales Tax, Social Security Tax, State Unemployment Tax, TLC, Uncle Sam, Use Tax, Wagering Tax |
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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%.
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The Obama administration is exploring a temporary tax cut for employers on their payroll tax obligations.
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Category: Tax News
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Tags: Beneficiary, Capital Gains, Capital Gains Tax, Congress, Dividends, economy, Employee, Employer, estate tax, Federal Tax Code, Federal Unemployment Tax, Income Tax, Long T, Medicare, Obama Administration, Paycheck, Payroll Tax, Qualifying Dividends, Social Security, Unemployment, Wages |
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Form 709, is required to be filed if a gift is made to someone for more than $13,000 in one year. Gifts between spouses are not required to file. Gifts can be made to an unlimited number of people in a year provided they are below the $13,000 per person annual exclusion. more…
Category: Tax News
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Tags: Annual Gift Tax Exclusion, April 15th, Cash Securities, College, Connecticut, CT, estate tax, Federal Estate Tax, Form 4868, Form 709, Form 8892, Form CT-709, Gift Splitting, Gift Tax, Internal Revenue Service, IRS, Medical Expense, Personal Property, real estate, Tax Extension |
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The Obama administration is exploring a temporary tax cut for employers on their payroll tax obligations.
Form 709, is required to be filed if a gift is made to someone for more than $13,000 in one year. Gifts between spouses are not required to file. Gifts can be made to an unlimited number of people in a year provided they are below the $13,000 per person annual exclusion. more…
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