We were discussing the dangers of the fiscal cliff. Well that has been averted. Apparently the Estate Tax exemption will remain at $5 Million per person/10 Million per couple for the foreseeable future. Those who made preemptive gifts in 2012 will need to file those gift tax returns on April 15. And given the rising real estate values (for now) those gifts were probably a good thing. The Medicare tax holiday is gone. So everyone will see a little less in their paychecks from now on. Most of the other Bush Era tax cuts were left intact including alternative minimum tax relief. We would be happy to review your individual situation to discuss these matters.
Monthly Archives: January 2013
Sorry, we’re back in business
We got hacked and had to shut down, rebuild and are back here with new cautionary tales about taxes. Since we last met, we’ve had some interesting developments in the law. For example, you have until the end of January for your retirement plan or IRA to make a tax deductible contribution to a charity retroactive to 2012 taxes. So, if you have money in your IRA and are looking at a big tax bill for 2012, you can still save some money. This is a great deal.