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Another Tax Season has come and gone. Here are the 5 Lessons Learned from this Tax Season.
Congress passed the American Taxpayer Relief Act on December 31, 2012. It’s clear that no one voting on it read it, much less understood it. The timing of this legislation was not good. Due to the late passage of this bill the IRS was … Continue reading »
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 Federal Government and the country are set to go off the Fiscal Cliff on New Year’s Day.
The term Fiscal Cliff refers to number of laws that if they remain unchanged, could result in significant tax increases and spending cuts.
Due to the housing market, many homeowners no longer have a gain in their home. A gain is the sales price minus the cost basis. The cost basis is generally the purchase price of the property plus improvements. Improvements would include things like a new roof, new heating system or a deck being added to the home. Unfortunately many people … Continue reading »