Our own William C. Prewitt, M.S. CFP® talks to Eric Egan at News 4 about the fiscal cliff here.
Good Morningstar video: "Top Six Tax Tips for Retirees."
Here are a few tips to help you get ready for tax season:
Missing a tax deduction or credit you are entitled to can cost you. Here is a list of a few tax deductions you could easily overlook:
Congress in its wisdom, radically altered the estate tax at the dawning of the new millennium. Far into the future, the tax would be repealed in the year 2010 with zero estate taxes. Many believed congress would enact new legislation long before the 2010 repeal. But alas, the year has turned, and the law still stands. For the first time since 1916, Americans can contemplate dying without facing an estate tax. But the story doesn't end there; in 2011, the law will sunset to the 2001 estate tax levels.
Needless to say, there’s a lot of confusion in the air right now. With multi-thousand page bills being rushed through Congress and endless speculation on new regulatory and tax proposals, the line between proposed and enacted legislation can be a bit blurry. Financial Planning Magazine had an article entitled “Unwrapping the Package” which lists some of the items in the American Recovery and Reinvestment Act of 2009 that you can benefit from. To read the article, follow the link: http://www.financial-planning.com/fp_issues/2009_5/unwrapping-the-package-understanding-stimulus-bill-2661665-1.html