Tax Preparation Ossining And How The New Tax Laws Effect You

As Americans, we are living in turbulent financial times. Projecting our tax liabilities has proven near impossible without the assistance of an educated specialist CPA organization. During these changing times, you may lack confidence in your financial decisions. Now, far more than ever, for your financial health, we advise you to consult with professionals. Many of us grew up with a primary understanding on the Tax Code. Conversations around the dinner table provided some knowledge with the revenue method of our great nation. Since that time, regardless of how recent it may have been, significant changes have occurred. Please know that it truly is no longer safe to assume that your knowledge in the tax laws is accurate. There have been, and will continue to be some drastic changes in our nation’s revenue process. We are pleased to share with you information regarding some of your changes, and a brief overview of how they apply to individuals. However, there is no substitute for knowledge and experience. We have an educated understanding from the changes in 2010 Tax Act, and therefore are pleased to offer a free consultation for those who would like our assistance. Little could be done to make taxes an exciting subject. Perhaps next month, Eventful Magazine will ask me to write about summer vacations. From the meantime, the task at hand is to report around the changes within the tax laws as well as the ways the Tax Act of 2010 will affect taxpayers. The newly passed and signed 2010 Tax Act, formally named the Tax Relief, Unemployment Insurance Re-authorization, and Job Creation Act of 2010, includes several provisions affecting taxpayers. A single major provision with the 2010 Tax Act is that the new law extends the tax cuts of 2001 and 2003. For most Americans this means that we won’t be subject to an increase in our income tax rates. When so many are struggling, it is actually a relief to know that income taxes won’t automatically be a larger burden this year. The 2010 Tax Act temporarily reinstates the estate tax, with an estate tax rate of 35 percent and an estate tax exemption of $5 million. These amounts will be adjusted for inflation after 2011. The new law also extends unemployment benefits, and it includes an alternative minimum tax patch. With regard to tax planning, 1 of the most significant provisions of the new law is that the lower capital gains tax rate launched by the Jobs and Growth Tax Relief Reconciliation Act of 2003 is continued through 2012. As we brought 2010 to a close and move into 2011, many portfolios are getting analyzed to take advantage on the lower capital gains tax rates, while at the same time realizing the greatest gains possible. Another provision that must be considered for effective tax planning is the two year extension on the repeal with the itemized deduction phase-out as well as personal exemption phase-out. The greater standard deduction for married taxpayers filing jointly, which was scheduled to expire after 2010, continues for two years. Families will also be affected by the $1,000 child tax credit amount which continues for two years instead of reverting to $500. The enhanced starting and ending points to the earned income credit continues for two years. The $3,000 amount for that child and dependent care credit, which was scheduled to revert to $2,400 after 2010, continues for two years. The American Opportunity Tax Credit continues for two years. With regard to payroll taxes, we have a very very interesting change. For 2011, the Act reduces the rate for your Social Security portion of payroll taxes to 10.4 percent by reducing the employee rate from 6.2 percent to 4.two percent. The employer’s portion remains 6.two percent. The Act also makes adjustments towards the gift exclusion and generation-skipping transfer (GST) tax that will affect family giving. The federal gift tax exemption is increased to $5 million for 2011 and 2012, up from $1 million in 2010. The GST tax exemptions are set at $5 million for 2011 and 2012. The exemption limit is scheduled to drop to $1 million beginning in 2013. Should you be overwhelmed, you’re not alone Jordan Retro 4 Expert assistance is available and Jordan 4.

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