Because of the AMT, some people are not able to take advantage of the tax cuts that Bush made available. |
By splitting up a large distribution and taking part in December and part in January, you may avoid moving to a higher tax bracket in either year, and keep more of your Social Security benefits from being taxed as well. |
Compared to some other tax issues, like passive loss rules and stuff like that, it's not all that complicated, but people involved in things like passive loss rules can usually afford to pay for some sophisticated help. |
Congress failed to extend the exemption increase into 2006. I think they still intend to do that, just retroactively. |
For taxpayers, it means doing your taxes twice. |
Generally, the unemployment rate is pretty low. I'm not sure they do at this point. |
He's been pretty consistent in wanting to make the cuts permanent. |
I can't tell you why there hasn't been a hue and cry about this. Maybe it's just because the baby boomers aren't quite old enough to be affected by it yet. |
I think it will pass this year. |
Ideal candidates would be those who can afford to pay a little more now with the hope of long-term savings down the road, helped out a little by the tax savings on the initial investment. |
In spite of all the talk about simplicity, in fact the tax code has gotten more complicated every year. |
Increasing the length of the automatic extension will save taxpayers some time and trouble, but it's still smart to file as soon as you can. |
Individuals who put up a displaced person at their residence for at least 60 consecutive days can get an added exemption of $500 per person. |
No self-respecting tax practitioner would sign on to any of these. |
Once they file for an extension one year, it sort of becomes a habit. I know people who do it regularly who don't have any particular reason they couldn't have had their information together by April 15. |