01/20/2010 Americans give – more than any other national group on earth. Even in the midst of the 2008 Grecession (as in Great Recession), charitable giving exceeded $300 billion, according to the AFFRC Trust for Philanthropy. Here are a few other interesting statistics: • In 2008, charitable giving represented 2% of the GDP, down 2%… Continue Reading
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Category Archives: Dollars for Tax – Individuals and Families
Death and Taxes – Part II
01/13/2010 So – the estate tax is gone for 2010. But before we all rejoice, we need to ask the question – what does this mean? And more importantly, who WILL pay the tax if the estate does not? No estate tax does not mean no tax. And the corollary could be, where there is… Continue Reading
Death and Taxes in 2010 – Part I
01/12/2010 We all know the tired phrase, “All that is certain is death and taxes.” As of January 1, 2010, while death remains a certainty, the taxes surrounding it are anything but certain. The Estate Tax was not repealed…it just goes away for a year and then it comes back on January 1, 2011 with… Continue Reading
If You Are Trying to Deduct Your Pets as Dependents…
01/11/2010 You are not alone. Congressional Representative Thaddeus McCotter (R-Mich) last summer introduced The HAPPY Act (HR 3501). That is “The Humanity and Pets Partnered Through the Years Act.” The Bill asserts that 63% of American households include pets and that the “human-animal bond has been shown to have positive effects upon people’s emotional and… Continue Reading
Phishing Season – Don’t Get Caught
01/08/2010 We had a number of clients last year contact us with a wide array of identity theft schemes disguised as notices from the Internal Revenue Service. Some of them looked pretty convincing complete with letterhead, web site links, and just enough personal information to be effective—and frankly, pretty scary. It’s a new year and… Continue Reading
2010 Tax Changes–A Few Notes
01/07/2010 • REQUIRED MINIMUM DISTRIBUTIONS from Traditional, SEP and SIMPLE IRAs as well as employer qualified contribution plans (ie 401k’s, 403b’s) must be made during 2010 for those over age 70.5 or those receiving distributions from a decedent IRA. During 2009, there was a hiatus, but that is finished – so don’t forget to take… Continue Reading
More AMT – yikes
01/07/2010 Here are the 2010 AMT exemption amounts (but please read to the bottom of this entry). If you scan down to see the 2009 amounts, you will notice that for 2010, MANY more people could be impacted. Married Filing Jointly $45,000 Married Filing Separately $22,500 Single/Head of Household $33,750 Do you see the marriage… Continue Reading
AMT Rears Its Ugly Head – Again
01/06/2010 Alternative Minimum Tax (AMT) is a “growing problem” for our clients. What was intended to be a snare for a handful of very wealthy taxpayers back in 1969 has become a stealthy way for the federal government to collect more money from a growing percentage of upper-middle income taxpayers. Congress habitually “fixes” AMT one… Continue Reading
Just the Facts
01/05/2010 Auto Standard Mileage Rates: Business 2009 55 cents 2010 50 cents (yes, it went down) Volunteer/Charity Work 2009 14 cents 2010 14 cents Medical and Moving 2009 24 cents 2010 16.5 cents Max IRA Contribution 2009 and 2010 $5,000 (or $6,000 for over age 50) Max 401(k) Deferral 2009 and 2010 $16,500 (or $22,000… Continue Reading
Time to Convert Traditional IRAs to Roth IRAs?
***UPDATE 04/07/2013**** As I was working on a return today for a new client with Roth conversions that include both traditional and non-deductible IRAs, I remembered THIS blog entry and thought — clarification is needed. So here I am, back to clarify. Please note that I say right off the bat in this blog that… Continue Reading