Practical perspectives for contemporary legal challenges.
On the ballot in Arizona this November is Proposition 208 (the “Proposition”). Proponents assert it will benefit students in public schools. Critics warn it sends most of the increased income tax revenue it generates into the school bureaucracy, not to teachers, as it implies, and will dissuade some businesses and taxpayers from moving to or …
Continue reading “Arizona PROP 208 – Big Tax Increase Possible in Arizona”
The SECURE ACT (Setting Every Community Up for Retirement Enhancement Act) was included as part of the massive December 2019 appropriations bill. The inclusion of the Act was a stealthy surprise, since most thought that it had been taken off the table earlier that year. For the most part, the new rules are effective for …
The SECURE (Setting Every Community Up for Retirement Enhancement) Act (the “Act”) was enacted as part of the massive December 2019 appropriations bill. The inclusion of the Act was a surprise, since most thought that it had been taken off the table earlier in that year. For the most part, the new rules are effective …
The 2017 Tax Act: The act significantly changes itemized deduction planning, making it very simple for some and more daunting for others. Most know the overall rules by now. But it doesn’t hurt to be reminded. Two biggest changes: 1. Much higher standard deduction (adjusted for inflation annually). For 2019: $24,400 for married couples filing jointly (plus …
Continue reading “Year-End Income Tax Planning – Itemized Deduction Planning: “Bunching””
If property is held by someone at their death, the “basis” in the property used by the seller to determine taxable gain on its sale is re-set to the fair market value at the date of death. Income and capital gain tax rates have increased over the last 10 years, and during that time the …
Continue reading “New and Valuable Ways to Reduce Capital Gains Tax”