Posts Tagged ‘Federal Estate Tax’


Happy New (Tax) Year…Unlucky ’13?

 

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.  How much they will be and who will pay them … Continue reading »


The Last (Really BIG) Tax-Free Gift

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 will also increase to 55%. This exclusion can be used either at death or during life.  In other words, the federal estate tax and the federal gift tax are unified.

There is speculation that Congress won’t allow this exclusion to … Continue reading »


Why the Fiscal Cliff is Fiscally Irresponsible

 

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.

 


How to Maximize Your Annual Gifts and Minimize Your Estate Taxes

Annual Exclusion

Taxpayers are allowed to gift up to $13,000 per year to an unlimited number of people without having to file a gift tax return or pay a gift tax. If the amount goes over $13,000 to any one individual, then a gift tax return must be filed. This is done on IRS Form 709, United States Gift Tax Return. Connecticut taxpayers required to file a federal gift tax return would be required to file Form CT-706/709. The … Continue reading »


7 Smart Year End Tax Planning Moves

 

1) Harvest Capital Losses

Capital gains property includes stocks, bonds and mutual funds.  Currently, the stated rate on long term capital gains is 15%.  If you have a net loss after netting all of your gains and losses, the tax deduction is limited to $3,000. Any excess capital losses can be carried into the future.