Income Tax Bracket 2012

Do you know your income tax bracket 2012?  Often in an estate planning or financial planning session, you will be asked your current income tax bracket. For 2012, if you are married filing jointly or surviving spouse: Taxable income between $0 Read More

Estate Taxes 2012

Everyone wants to know about estate taxes 2012 and beyond.  Congress has increased the exemption from federal estate tax 2012 to $5 million – at least until the end of 2012, when the exemption is currently due to expire.  (The exact exemption Read More

Long Term Care Insurance Tax Deductions

Many people consider purchasing long term care insurance to help preserve assets for the future and their estate.  Did you know that a portion of your annual long term care premiums are tax deductible for 2012? For 2012, the amount you may Read More

GEORGIA MEDICAID ESTATE RECOVERY PROGRAM

The Georgia Department of Community Health announced that it would begin implementing the Medicaid Estate Recovery Program in May 2006. Under this program, funds are recovered from the estate of the individual who received services, after the member’s death, for Read More

Mileage Rates for 2012 – Tax Deduction

Part of estate planning is making sure you have an estate to plan!  This means making a habit being intentional about your daily financial spending, money management, and recordkeeping. You are probably aware that you can deduct mileage on your federal Read More

Roth IRA Income Limits for 2012

Roth IRAs can be an important tool for your financial and estate plan.  Most people know that there are income limits for  making Roth IRA contributions.  But what are the limits? For 2012, the AGI – Adjusted Gross Income – limit Read More

Estate Planning – Save Taxes and Increase Your Estate in 2012

It’s time for New Years’ Resolutions!   Making the most of your current income and saving on income taxes can help you maximize your estate.  This is an important part of estate planning. I often read that it can be smart Read More

Tax Tip re Mileage Deduction

A friend who is a CPA suggests that everyone take a dated cell phone picture of their car odometer on January 1st of each year.  While there is no case law supporting this as documentation, it might come in handy if Read More

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