Archive - 2010

1
How To Build Greater Wealth By Saving On Taxes
2
Understanding The One Rollover Per Year Rule
3
Making Charitable Contributions From Your IRA (If you’re under age 70½)
4
2010 Tax Relief Act – What Didn’t Get Extended
5
What The New Tax Laws Mean For The Estate Tax Exemption Portability

How To Build Greater Wealth By Saving On Taxes

Saving money on taxes is an easy step to build wealth immediately. You must be aware of tax law changes though in order to take action on opportunities that arise. Last minute legislation was passed to extend the Bush-Era tax cuts for a short period of time. The new law is called the Tax Relief, Unemployment Insurance Re-authorization and Job Creation Act of 2010.  I have been studying this extensive legislation and thought I would pass on some highlights below of the law that will affect most of you:

  • Two year extension of the tax rates
  • Two year extension of
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Understanding The One Rollover Per Year Rule

This particular rule is one that can really cause you a lot of problems – and there’s no reason to run into problems with it, if you plan ahead and do things right.

One of the big reasons why this rule can cause so much heartache is because there is no way, procedurally, for the IRS to grant an exception, no matter what the circumstances are.  For example, in the 60-day-rollover rule, often the IRS may be in a position to grant an exception, especially if something awful happened to make you miss the deadline.  This sort of exception is …

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Making Charitable Contributions From Your IRA (If you’re under age 70½)

We discussed the IRA Charitable Contribution option for folks age 70½ or better, and it’s possible from that article that you got the impression that if you are younger than 70½, you are not able to make charitable contributions with money from your IRA. Nothing could be further from the truth! You can always make charitable contributions of any money you wish… the question is, what will such a move do for you tax-wise?

If you’re under age 70½

You can make charitable contributions from your IRA account – the only problem is that you must first count the distribution …

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2010 Tax Relief Act – What Didn’t Get Extended

We’ve been hearing the news about the extension of the Bush-era tax cuts and how these tax law extenders will lower everyone’s taxes. But what you haven’t been hearing about are the items that weren’t extended which may have important tax implications for some.

Unemployment Benefit Exclusion – Under the American Recovery and Reinvestment Act (ARRA) of 2009, the first $2,400 of unemployment benefits an individual received in 2009 were tax free. This provision applied only to benefits received in 2009. Unemployment benefits after 2009 are fully taxable.

Non-Business  Energy  Property Tax Credits – For 2009 and 2010 the credit …

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What The New Tax Laws Mean For The Estate Tax Exemption Portability

Back in 1997, the lifetime estate tax exemption was $600,000 and the top estate tax rate was 55%.  The exemption increased through 2009 to $3,500,000 while the top tax rate declined to 45%.  For tax years 2011-2012 the exemption amount is $5,000,000 with a top tax rate of 35%.   However, in those prior years if the first spouse to die could not fully utilize the exemption amount because the value of the estate was below the exemption amount, the excess was lost forever.  For tax years 2011 and 2012, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of …

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