The Tax Cuts and Jobs Act is Finally Here, No More Do Overs
–Our friends at Marcum, LLP recently published a detailed article on the new tax plan.–
Highlights of key provisions include the following:
Individual Provisions
The act’s final version retains the seven overall tax brackets, but tax cuts are achieved by cutting the rates themselves. The final version cuts the top rate to 37% as follows:
Filing Status
Rates
Single...
Estate Tax Exemption for 2016
Good News!
Recently, the Internal Revenue Service (IRS) announced the new limits for estate and gift taxation. These are the amounts that you can give tax free during life or at death in your will or living trust. Unfortunately, the annual gift exclusion stays at $14,000 – the amount that you can give (per person, per year) without having to file a Form 709 gift tax return. This means a...