Capital Gain Rates in 2011

In Common Tax Questions, Florida Tax Issues, IRS Tax Help, Tax Planning by Daniel Friedel

Many taxpayers lose out on advantageous tax breaks because they are unaware that many things they own qualify for lower capital gain tax rates. Almost everything you own and use for personal or investment purposes is considered a “capital asset.” Some examples of things you may own that are capital assets are: 1. stocks and bonds held as investments; 2. …

Tax Relief or Grief? A Breakdown of Obama’s Tax Cuts

In Tax Planning, Uncategorized by Daniel Friedel

With just a few weeks remaining in 2010 (marking the expiration of the Bush-era tax cuts), President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. With tax season quickly approaching, a lot of Taxpayers are left wondering, what kind of “relief” can I expect from this Tax Act?  In essence, the Tax …

2010 Capital Gain Rates – 4 Months Left to Cash in on the Lower Rates!

In Tax Planning by Daniel Friedel

For tax years 2009 and 2010, long-term capital gains taxes are eliminated for some low- and moderate-income individuals. This zero-tax break will end Jan. 1, 2011, when all capital gains rates revert to pre-2003 levels, unless Congress extends the current law. Ordinary income tax bracket Long-term capital gains rate by tax year 2007 2008, 2009 and 2010 2011 10 percent …

Throw Momma From Her Private Jet–Not From The Train

In Estate Planning, Tax Planning by Daniel Friedel

New York Times columnist Paul Krugman famously  dubbed the Bush 2001 tax cuts the “Throw Momma From The Train Act”, because the estate tax was eliminated for just one year—2010. But as 2010 grinds on without a federal estate levy, it’s becoming clear that Krugman got it wrong.  Any Momma who would ride the rails (even the pricey Acela) probably …

Bush Tax Cuts Expire in 2010…Will You Pay Higher Taxes?

In Estate Planning, Tax Planning by Daniel Friedel

No one wants to be taken by surprise with a super high tax bill for 2011.  With only four months remaining until the expiration of Bush’s tax cuts enacted in the 2001 EGTRRA Bill, a lot of Taxpayers are holding their breath while they scramble to plan for a wide range of alternatives. We are likely to see one of …