As we approach year-end, it’s again time to focus on last-minute moves you can make to save taxes—both on your 2013 return and in future years. For most individuals, the ordinary federal income tax rates for 2013 will be the same as last year: 10%, 15%, 25%, 28%, 33%, and 35%. However, the fiscal cliff legislation, passed early this year, increased the maximum rate for higher-income individuals to 39.6% (up from 35%)...
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After weeks, indeed months of proposals and counter-proposals, seemingly endless negotiations and down-to-the-wire drama, Congress has passed legislation to avert the tax side of the so-called “fiscal cliff.” The American Taxpayer Relief Act permanently extends the Bush-era tax cuts for lower and moderate income taxpayers, permanently “patches” the alternative minimum tax (AMT), provides for a permanent 40 percent federal estate tax rate, renews many individual, business and energy tax extenders, and more. In one immediately noticeable effect, the American Taxpayer Relief Act does not extend the 2012 employee-side payroll tax holiday...
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Year-end planning will be more challenging than normal this year. Unless Congress acts, starting in 2013, individuals will see higher tax rates across the board and a number of popular deductions and credits will be gone. Estate and gift tax rates will be higher as well. Additionally, a number of popular deductions expired at the end of 2011 and won’t be available for 2012...
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As we approach year-end, it’s again time to focus on last-minute moves you can make to save taxes—both on your 2011 return and in future years. Before we get to specific suggestions, here are two important considerations to keep in mind....
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The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable...
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Chuck Duff, founding shareholder of Houston-based Duff Kitchel & Co. PC, is no stranger to the challenges of startups. Duff, who has advised fledgling law firms for more than 30 years, said he has seen an uptick in business as more lawyers break away and form boutique firms. However, Duff said, there are some considerations to be taken into account before names are etched on a door...
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The tax laws enacted in the last couple of years contain important income tax and information reporting provisions that are effective for the first time in 2011. To inform you of what's new in the tax rules, we have summarized some of the key tax changes for 2011, broken down into three categories: Personal Income Taxes, Retirement Plan Changes, and Tax Changes for Businesses and Investors...
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President Obama has signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act). The 2010 Tax Relief Act extends for two years the Bush-era tax cuts, provides significant estate tax relief, and includes a two-year AMT “patch”...
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The midterm elections have changed the Congressional landscape, with Republicans winning control of the House of Representatives and picking up seats in the Senate. Even so, it's still too early to know exactly how this will affect open tax issues for 2010 and 2011...
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On September 27, 2010, President Obama signed into law the new Small Business Jobs Act of 2010. The legislation includes a number of taxpayer-friendly changes (most of which are temporary), as well as some unfavorable ones (most of which are permanent)...
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There's nothing like the adrenaline rush of starting a new firm. The roller coaster ride can be stressful: determining which clients make the transition from the old firm to the new one, calculating expected billings and wondering whether profits will materialize...
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