Portability Doesn’t Preclude The Need For Marital Transfers And Trusts
Exemption portability, made permanent by the American Taxpayer Relief Act of 2012, provides significant estate planning flexibility to married couples if sufficient planning hasn’t been done before the first spouse’s death. How does it work? If one spouse dies and part (or all) of his or her estate tax exemption is unused at death, the [...]
There’s Still Time to Make a 2012 IRA Contribution!
The deadline for 2012 IRA contributions is April 15, 2013. The limit for total contributions to all IRAs generally is $5,000 ($6,000 if you were age 50 or older on Dec. 31, 2012). Any unused limit can’t be carried forward to make larger contributions in future years. So if you haven’t already maxed out your [...]
You Don’t Have To Be a Manufacturer To Take The “Manufacturers’ Deduction”
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities deduction,” is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer that are allocable to domestic production gross receipts. Yes, the deduction is available to traditional [...]
Ohio Municipal Income Tax Uniformity
Once again there are rumblings in the State of Ohio to try to make it easier for businesses to do business in the state. In 2003 legislation was passed that created some uniformity among the numerous local taxing agencies. All municipalities had to have the same filing due dates, uniform definition of taxable income for [...]
Are tax savings expensive?
Everyone wants to save tax dollars, but at what cost? Tax savings usually require you to do one of two things with your hard earned cash, give up the use of it or give it away. Many tax savings vehicles make more financial sense when you have built up enough wealth to fund them. Ideally, [...]
