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Democrats were pushing to extend Bush’s Tax Cuts for those taxpayers who make an amount equal to or less than $250,000 for married or $200,000 for single. However, Republicans were looking to extend the tax cuts for all income levels, keeping the original tax cuts in place.
2 minutes read
When planning a wedding, the last thing on your mind, is Income Taxes. However if you get married by the 31st of December you are treated as married for the entire year. Your filing status can have a large effect on your taxes so keep that in mind when planning.
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If you have not received your refund and your tax return was submitted more than 6-8 weeks ago, your check may have been sent back to the IRS.
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Taxpayers are waiting on pins and needles for the important decisions regarding income tax cuts or increases to be made by Congress. Will Bush’s tax cuts be extended or should taxpayers expect a surprise come tax time? Congress reconvenes on November 15th and hopefully we can get some answers quickly. Every year we wait for a patch to be issued that will apply inflation rates to the tax laws regarding Alternative Minimum Tax (AMT).
3 minutes read
Last week H&R Blocks stocks plummeted to the lowest they’ve been since 2001, after news that the national chain may not be able to offer Refund Anticipation Loans (R.A.L.) for the upcoming tax season. More recently the stocks are teetering up and down as news about their legal dispute with H.S.B.C., the bank they use to offer Refund Anticipation Loans, continues to be discussed.
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To taxpayers who have outstanding I.R.S debts, the promise of debt relief is one that is quickly welcomed. However, those of us in the tax business know that such relief is not easily attained and any resolution involving income tax will require a lot of hard work and time. Even after putting in much effort a good outcome is still not guaranteed. Beware of companies that make the audit or tax abatement process seem easy, because it is anything but.
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Estate planning is about organizing your assets which can prevent family fights and make sure that your well earned monies do not go to the government after death. Estate planning can be complex involving various legal documents; but now is the time to take advantage of record tax savings and discuss the options with your Tax Consultant, Financial Advisor and Attorney.
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There is a lot of uncertainty pertaining to tax rates and cuts to previous provisions this year. Specifically the Estate Tax, Alternative Minimum Tax, Investment Taxes and Income Tax Rates in general are in question. There is a good possibility that Congress will cut out previous provisions which will cause an increase for the upper 2% of tax payers.
3 minutes read
This year conversions from Traditional to Roth IRA’s were way up due to the elimination of income limitations that were previously applied to the conversions. But is converting to a Roth IRA a good idea when it comes to your income taxes? In some cases it is a smart move to convert now and in others the tax implications are far too great.
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Well tax day is finally here! It’s been a rough year for all american taxpayers due to the economic crises; including the employees and associates of R&G Brenner. Therefore I would like to thank all R&G Brenner associates for their hard work, 12 hour work days and tireless efforts. Without these experienced professionals, as well as all of our valued and loyal clients, R&G Brenner would not and could not be what it is today. Thank you all.