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2013 Massive Tax Changes
Taxes for the “Affluent” in 2013: Top tax rate on ordinary income rises from 35% to almost 44%, an increase of almost 25% The top tax rate on capital gains rises from 15% to almost 24%, an increase of almost 60% Top dividend tax rate increases from 15% to almost 44%, an increase of almost
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IRS Provides Relief To Hurricane Victims
We often at times can’t help but think of the IRS as enemy instead of our ally. However, the IRS has fanned their side of humanity by very quickly responding to the needs and sensitivity of all those affected by Hurricane Sandy. Locally, we may not be personally affected, but undoubtedly our concerns and thoughts
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Fiscal cliff: Payroll tax cut may not survive
For all the uncertainty over how lawmakers will handle the expiring tax cuts under the fiscal cliff, there seems to be growing clarity surrounding at least one measure: the temporary 2% payroll tax cut.– Bottom line: It’s likely toast. The payroll tax cut — worth 2% of one’s wages up to $110,100 — was intended
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Inflation adjustments for 2013 tax preparations
For tax year 2013, the Internal Revenue Service announced last week annual inflation adjustments for more than two dozen tax provisions. Some of the most impacting include – -The annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012. -The amount used to reduce the net unearned income reported on a
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Avoid credit card debt.
QUESTION: How can I avoid accumulating credit card debt over the holidays? ANSWER: Too many people find themselves with a large amount of credit card debt after the holidays, thinking they’ll pay the balance with their tax refund. When you think about it, getting a refund check means that you let the IRS use your
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