President Wants to Raise Taxes

President Obama is seeking to raise Capital Gains Taxes again. Capital Gains Taxes were raised during his first term in office. The President says that the Capital Gains Tax only affects the “wealthy”. Capital Gains Taxes affects anyone who might ever own their own home, whether it is a house, condominium, or land. Further, it... [Read More]

Accountants figuring out Obamacare

Accountants tell me they are still scratching their heads and still trying to figure out the taxes that are inside the Obamacare legislation. The reason the Obamacare law was upheld by the US Supreme Court was that it was as Chef Justice Roberts said, a “Tax Bill”. Congress has the authority to raise taxes. Unfortunately... [Read More]

The Hand of Tax

A good way to help explain an overview of taxes is to look at the five fingers of your hand. There is an “Income Tax” when you earn the money. There is a “Sales Tax” when you purchase an item. There is a “Property Tax” when you purchase some things and hold it. There is... [Read More]

The Tax Man Cometh

Again this President seeks to penalize those who have been successful financially. The new proposal from the White House seeks to limit annual gifting to $50,000.00 dollars total per year.  Instead of limiting it per individual they’re seeking to limit it to a total of $50,000.00 dollars in the year beginning in 2015. That may... [Read More]

Portability Remains in Estate Planning

“Portability” is a concept that the IRS allows wherein by filing an Estate Tax Return or IRS Form 706, one may preserve the unused Federal Estate Tax Credit of the first spouse who passes on. The Estate Tax is due when the second Spouse passes on. Each spouse has a Unified Credit amount allowed by... [Read More]