Archive for November, 2012

28
Nov
12

End of 2012 tax moves.

…Big unknowns include the top rates on long-term capital gains and qualified dividends, both now 15%. The rate on gains could hit 23.8% or more, and the rate on dividends could be as high as 43.4%.

  • Write next semester’s tuition checks before year end.
  • Prepay state taxes.
  • Accelerate medical expenses. The threshold for deducting these expenses, now 7.5% of adjusted gross income (10% for AMT payers), rises to 10% next year for most taxpayers.
21
Nov
12

Be Ready for Higher Capital-Gains Tax Rates

story

September 15, 2012 09:32 p.m.

The current top rate of 15% is set to expire on Dec. 31 and revert to 20%, unless Congress acts. Will you sell your appreciated stocks ?

21
Nov
12

To take a deduction, receipt MUST say this !

CAUTION: No longer can you take deductions with “receipts for stuff I gave”.

A thank-you note can be a good enough record, as long as it includes the sentence: “No goods or services were received in exchange for the contribution.”

Story




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