Category: Tax Planning
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Obama and Romney on tax issues
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…
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Repeal of estate taxes in 2013?
This excerpt comes from an email from Jeff Reed at KestlerFinancial about the possibility of a capital gain tax replacing the estate tax. My gut reaction is to respond with an argument on the impact of these taxes on social policy but that clearly misses the point of the discussion. He is absolutely correct in…
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notes / updates on 412(i) pension plans
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”…
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Medicare premiums are tax-deductible
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…