Taxes and Estate Planning
Tax advisers are pushing new maneuvers that allow taxpayers to get more money to their children and to their favorite cause—at the same time.
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More than 15 million people will get an unexpected tax bill this year or next thanks to the Making Work Pay credit, according to a report from the Treasury Inspector General for Tax Administration. If you’re stuck with a tax bill this year, rather than your usual refund, you’re not alone. This year and next, more than 15 million taxpayers may find they unexpectedly owe Uncle Sam because they received more of the Making Work Pay tax credit than they were entitled to. Here are some tips on what Continue reading What to do if you can’t pay your taxes Property owners are taking action across the country as tax bills continue rising, even as home values have tumbled. See the full article April’s approaching. Are you ready to get going on your taxes? Here’s a rundown of seven tax tasks to take care of this month. Sheltering your investment profits from taxes may seem like a remote concern when your accounts are a sea of red ink. But tax shelters like 401(k)s and IRAs are more important than ever. As you enter retirement, probably the largest and most daunting expense you encounter will be taxes. And we’re talking not just of a benign single item of expense, but quite possibly many different kinds of levies. Each one of our 50 states can enact and enforce state and local taxes by the dozen, as well Continue reading Taxes are Major Money Issue for Retirees The good news is there’s some temporary relief from federal income taxes on unemployment benefits: You don’t owe any on the first $2,400 of benefits in 2009, thanks to a temporary provision in the stimulus bill, otherwise known as the American Recovery and Reinvestment Act of 2009. But that’s about where the good news for Continue reading Break on Unemployment Taxes Doesn’t Go Far – A Little Good News for the Unemployed The Obama administration’s plans to raise taxes and cut spending will likely hurt the still-fragile economic recovery. But it could also help strengthen the U.S. dollar, writes Simon Constable. From the expiring estate tax in 2010 to the various Obama administration proposals, including a bigger child-care tax credit and small-business breaks, there’s no shortage of tax-related headlines these days. But none of that is going to help when you do your 2009 taxes. |
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