Say What – A New Tax on you in 2013?

Chris Revak / January 14, 2014
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Yup – there is a new tax in town for 2013 and it can add up quick.  You can get hit in two ways:  (1) additional Medicare payroll tax and/or (2) new Medicare contribution tax on unearned income.  Let’s take a look at the taxes individually.

Who Cares If Stretch IRAs Are Eliminated?

Chris Revak / August 29, 2013
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Only wealthy people benefit from the “loophole” anyways. Retirement plans were never intended to be an estate planning tool. It won’t impact me. I don’t care. These are some of the comments in the press right now regarding proposed legislation to end the ability of heirs to take inherited IRAs out over their life expectancies […]

Now That The Fiscal Cliff Was Avoided – How Does It Impact You?

Chris Revak / January 10, 2013
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The American Taxpayer Relief Act of 2012 does the following: Tax Rates – For most individuals it extends the lower federal income tax rates that have existed for the last ten years.  However, if you make more than $400,000 (or $450,000 for joint filers), your top rate will increase to 39.6%. Capital Gain Rates – Again for […]