The Obama administration is exploring a temporary tax cut for employers on their payroll tax obligations.

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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…

With the Federal Estate Tax Exclusion of $5 million, many commentators have suggested estate planning is dead.  I think this deserves a closer look.

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1.  Know Your Tax Bracket
This is where every taxpayer needs to start.  What is your tax bracket?  If you don't know this number, just pull out your tax return from last year.  Look at the taxable income and look up the rate that is located in the tax tables. This will help you when looking at realizing capital gains or losses, exercising and selling stock options, or dealing with the Alternative Minimum Tax. more…

The Bush era tax cuts are expiring.  Here are some of the key tax rates for 2010 and 2011:

2010                 2011

Ordinary Income                                   35%                 39.6%
Long Term Capital Gains                       15%                 20%
Qualifying Dividends                             15%                 39.6%
Estate Tax                                              0%                 55%

Unless Congress decides to do something different, we are stuck with these tax rates.  The numbers may need a little explanation. more…