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Kiplinger Tax Letter Excerpts No. 22

Filed in Miscellaneous by on March 7, 2014
Kiplinger Tax Letter Excerpts No. 22

Delayed Tax Season Although the government shutdown is over, the tax system continues to feel the effects. Taxpayer service is the big loser from all this. IRS is delaying the start of the filing season by up to two weeks…to as late as Feb. 4. The agency had planned to start taking 2013 returns on […]

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Kiplinger Tax Letter Excerpts No. 21

Filed in Miscellaneous by on March 1, 2014
Kiplinger Tax Letter Excerpts No. 21

Use Up Your Gift Tax Exclusion For 2013, you can give up to &14,000 apiece to a child, grandchild or other person without any gift tax consequences. If you are married, your spouse also can give $14,000, so each donee can get up to $28,000 free of gift tax. Source: The Kiplinger Tax Letter 10/11/13 […]

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Kiplinger Tax Letter Excerpts No 20

Filed in Miscellaneous by on February 28, 2014
Kiplinger Tax Letter Excerpts No 20

Medicare Surtax Be aware of the new 3.8% Medicare surtax. It applies to net investment income of single filers with modified adjusted gross incomes above $200,000 and couples over $250,000. Marrieds filing separately have a $125,000 threshold. Modified AGI is AGI plus tax free foreign income. The tax is due on the smaller of net […]

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Kiplinger Tax Letter Excerpts No 19

Filed in Miscellaneous by on February 14, 2014
Kiplinger Tax Letter Excerpts No 19

Health Care Reform A key part of health reform takes effect Jan. 1: Individuals without insurance will owe a tax. Although the Obama administration delayed to 2015 the rule that firms with 50 or more full-time employees must provide affordable heath insurance to workers or pay a stiff fine, the individual mandate’s start date wasn’t […]

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