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The Last (Really BIG) Tax-Free Gift

Posted in Tax News on December 10, 2012

Under current federal estate tax law there is an exclusion up to $5.12 million in 2012. Taxable estates above this amount are taxed at 35%. This exclusion is scheduled to decrease to $1 million beginning in 2013. The tax rate…

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Why the Fiscal Cliff is Fiscally Irresponsible

Posted in Tax News on December 3, 2012

  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…

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Why You Should Not Discard Your Form 1099-K

Posted in Tax News on November 26, 2012

  If you get a Form 1099-K in 2013, don’t ignore it. The new form records payments received in 2012 by credit card companies or through third-party networks such as Amazon, PayPal, and Google. This added income reporting mechanism was…

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4 Proven Ways You Can Be Grateful Every Day as Thanksgiving

Posted in Tax News on November 19, 2012

  Thursday is Thanksgiving Day. You will (likely) be grateful for…..fill in the blank… You don’t need to wait until next Thanksgiving to be grateful again. You can be grateful every day.

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How (Almost) Everyone Can Have a Roth IRA

Posted in Tax News on November 13, 2012

  What’s the Benefit of a Roth IRA? The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the…

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