That ticking time bomb hits joint filers who make $45,000 or more.
Do your homework and take a look at all the taxes that will have their rates increase plus all the new taxes that are due to kick in on Jan 1.
Also pay attention to the new death tax provision. The exclusion goes from 5 Million to 1 Million with a 55% tax rate for everything over the 1 million. And believe me, the IRS accounts for everything when placing a value on your estate.
Also pay attention to the new death tax provision. The exclusion goes from 5 Million to 1 Million with a 55% tax rate for everything over the 1 million. And believe me, the IRS accounts for everything when placing a value on your estate.
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By putting the estate in a trust one avoids this, yes?
does it it filesr for this year at 45K or the 2013 return