Higher Taxes are on the Horizon – 10 Planning Tips
Despite all the wrangling in Congress, we are still facing income and estate tax increases in 2013, now only five months away. See if you might be able to utilize any of these planning tips from the Accounting Today article Midyear Tax Planning: Top 10 Tips in a Time of Uncertainly.
One thing the article does not address is planning by executors and trustees to minimize the impact of the coming top income tax rate of 39.6% and the additional 3.8% investment income surtax. Trusts and estates reach the highest income tax rate at $11,650 (for 2012). Executors and trustees should consult a CPA or tax attorney with expertise in fiduciary income tax matters.