Capital Gain Rates in 2011

In Common Tax Questions, Florida Tax Issues, IRS Tax Help, Tax Planning by Sarah E. Martello

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. …

November Elections and Your Taxes…The Possibilities are on the Table

In Florida Tax Issues, Tax Planning by Sarah E. Martello

With the results of the November elections still looming, taxpayers are left with an uncertain tax future as Bush’s tax cuts remain in a state of uncertainty.  Although legislative action to extend or modify the Bush-era taxes seem non-existent, the President still refuses to throw tax reform out the window. With a month and a half left before our tax …

Will You Pay Higher Taxes in 2011?

In Tax Planning by Sarah E. Martello

Lack of congressional action on 2011 income taxes may force the Treasury Department to make unprecedented moves to prevent U.S. workers from seeing large tax increases in their January paychecks. The issue: 2011 tax-withholding tables. Treasury officials usually release the tables, which determine the take-home pay of millions of wage-earners, by mid-November because it takes payroll processors weeks to adjust …

Estates May be Given Choice Between 2009 & 2010 Estate Tax Law

In Estate Planning, Tax Planning by Sarah E. Martello

Wall Street Journal, Estate Tax Choice May Be In Works For 2010 — Treasury Official, by Martin Vaughan: The estates of those who died this year might be allowed to be taxed as if they died in 2009, in order to resolve a problem created by the repeal of the estate tax, a Treasury Department official said. Allowing those estates to …

Throw Momma From Her Private Jet–Not From The Train

In Estate Planning, Tax Planning by Sarah E. Martello

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 Sarah E. Martello

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 …

Income Tax Planning Basics for 2010

In Tax Planning by Sarah E. Martello

With a substantial portion of provisions in the Internal Revenue Code (Code) set to expire the end of this year, I am strongly encouraging my clients to take advantage of the current tax planning opportunities available this year.  In the midst of the over sensationalized estate tax repeal and first-time homebuyer credit, the Code provides numerous other tax benefits that …

2010 Federal Tax Rates

In Tax Planning by Sarah E. Martello

INTERNAL REVENUE CODE § 1. Tax imposed a)  Married individuals filing joint returns and surviving spouses – There is hereby imposed on the taxable income of— (1)  Every married individual who makes a single return jointly with his spouse, and (2)  Every surviving spouse, a tax determined in accordance with the following table: Taxable income is: The tax is: Not over …