Estate Taxes
Posted on August 18, 2008 - Filed Under Finance | Leave a Comment
Concerning the Estate Taxes
Estate Taxes
Estate txes are often referred to as the death tax. Few Americans are subject tp estate tas due to the exclusion on the first$2,000,000 of an estate (2006,2007, and 2008). Taxpayers with estates substantially in excess of this amount should consider planning to minimize estate taxe. For family businesses it is important to ensure adequate liquidity is available to pay estate taxes. For family businesses it is important to ensure adequate liquidity is available to pay estate taxes (so the business does not have to be sold to pay the taxes).
Congress Passes Section 179 Deduction Increases
Posted on June 22, 2008 - Filed Under Finance | Leave a Comment
We’ve all heard about the impact of the Economic Stimulus
Plan on individual taxpayers, but not as much information has been reported by
the media regarding its effect on small business. To stimulate a sluggish
economy, Congress has included in HR5140 a provision for nearly $50 billion
dollars in business tax cuts. This temporary change to the tax code will allow
American businesses to buy new equipment this year with financial incentives
designed to expand inventories and create new jobs while dramatically lowering
their taxes.
What’s In It for Me?
Tax Rules for Home Sellers
Posted on June 6, 2008 - Filed Under Finance | Leave a Comment
In 1997 new tax rules for home sellers were introduced contained in section 121 of the tax code. The following changes were made to the tax code.
In 1997 new tax rules for home sellers were introduced contained in section 121 of the tax code. The new tax changes were:
1. If you are not married, when you sell your home the first $250,000 of your profits are tax free.
2. If an unmarried couple jointly own the home each person qualifies for the $250,000 exclusion.
3. Married taxpayers can receive up to $500,000 of their profits tax free
How Can You Take Advantage of the 0% Capital Gains Rate?
Posted on May 8, 2008 - Filed Under Finance | Leave a Comment
The capital gains rate for certain taxpayers will drop to 0% for tax years 2008 through 2010. How can you take advantage of this 0% capital gains rate? First, let’s review the capital gains rate in general.
The capital gains rate for certain taxpayers will drop to 0% for tax years 2008 through 2010. How can you take advantage of this 0% capital gains rate?
First, let’s review the capital gains rate in general.