by mariettacp | Mar 25, 2011 | Money Tips, Tax Planning, Tax Tips
The 2010 Tax Relief Act made some changes to the estate and gift tax. Prior to the new law, there was no estate tax, however some beneficiaries faced possible increases in their taxes due to unfavorable income tax rules. The prior law also allowed for a substantial...
by mariettacp | Mar 18, 2011 | Money Tips, Tax Planning, Tax Tips
The Tax Relief Act of 2010 retroactively reinstated a plethora of business tax breaks that expired at the end of 2009 and extended them through 2011. These tax breaks include: the research credit; the new markets tax credit; employer wage credit for activated...
by mariettacp | Mar 11, 2011 | Money Tips, Tax Planning, Tax Tips
The 2010 Tax Relief Act made many beneficial changes to the rules regarding estates and gifts. One such change regards the GST (generation-skipping transfer tax). The GST is an additional tax on gifts and bequests to grandchildren when their parents are still alive....
by mariettacp | Feb 25, 2011 | Money Tips, Tax Planning, Tax Tips
The 2010 Tax Relief Act made tax-saving changes to the estate and gift tax scheme that apply to estates transferring in 2011 and 2012. The bill set a lower rate and higher exemption for estates transferring in 2011 and 2012. The top rate was lowered to 35% and the...
by mariettacp | Feb 18, 2011 | Money Tips, Tax Planning, Tax Tips
The 2010 Tax Relief Act enacted many beneficial items in regard to estate and gift taxes. One in particular provides a tax saving choice. The Act allows estates of decedents who died in 2010 to choose between (1) estate tax (based on a $5 million exemption and 35%...