Obama and Romney on tax issues

Posted Leave a commentPosted in Tax Planning

This summary was prepared by CCH and IMO really helps to summarize and highlight the differences in the two party candidates’ ideas on tax issues: Obama on Individual taxes 2013 rates higher for higher-income taxpayers only Unspecified future date: lower rates for middle/lower income brackets Higher capital gains/dividend rate for higher-income taxpayers $3.5 million estate […]

notes / updates on 412(i) pension plans

Posted Leave a commentPosted in Financial Planning, Tax Planning

Following is an unformatted dump of research notes. For a few complete articles see www.tonynovak.com/articles IRS code: http://www.law.cornell.edu/uscode/text/26/412 http://zingleandassociates.com/papers/412i/shutdown.pdf  links to applicable Revenue Rulings http://www.irs.gov/pub/irs-tege/db_lrm.pdf 1_412e3 – Beyond the Basics.ppt https://www.allegisadvisorgroup.com/Content/Content/63/Documents/1_412e3%20-%20Beyond%20the%20Basics.ppt downloaded MassMutual powerpoint presentation Requirements for “Separate Agreements” for §412(i) Pension Plans This article discusses the information that must be included in the “separate agreements” […]

Medicare premiums are tax-deductible

Posted Leave a commentPosted in Financial Planning, Tax Planning

Medicare premiums are officially tax-deductible. Portions are highlighted for implication in tax planning. (The grammatical error in the final paragraph is reproduced as found). This excerpt comes from Journal of Accountancy: “Explaining a recent reversal of a long-held IRS stance, the Office of Chief Counsel advised IRS attorneys on Friday that self-employed individuals may deduct […]