201110.21
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IRS Announces Inflation Adjustments

The IRS announced that, for tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. The Service provided the following details: The value of each personal and dependent exemption, available to most taxpayers, is $3,800, up $100 from 2011. The new standard deduction is $11,900 for married…

201012.07
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Tax Agreement Reached

President Obama announced yesterday a compromise “framework” to resolve the year-end standoff over the extension of Bush era tax cuts, unemployment benefits and other issues. House and Senate members will meet today to discuss the plan and a timetable for action. The compromise is reported to include the following: * Reinstate and extend the estate…

200907.18
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New Estate Tax Bill in Senate

A bipartisan bill that would peg the estate tax to the 2009 level under current law has been introduced in the Senate. The legislation, S3284, was introduced July 17, 2008, by Sens. Tom Carper (D-DE), Patrick Leahy (D-VT) and George Voinovich (R-OH). It would create a lifetime estate tax exemption of $3.5 million, indexed for…

200802.11
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Don’t Mess with the IRS

My mail box is filled with tax reporting documents at this time of year. All of my banks, brokers and employers are sending the IRS information on what I earned last year. I’ll have to file a return and report them all, or be subject to criminal and civil sanctions. Is there any way out…