All of the snow on the ground and amazing skiing conditions make it hard to think beyond the powder forcast for this coming weekend. (If you haven't scheduled your trip to the mountains yet, now is a good time to do so....) But, if you're the type of person trying to think ahead this year, you're likely aware that it’s getting to be that time of year again - tax time. 2010 was a pretty significant year for several changes, ending with the extension of the Bush-era tax cuts, an alternative minimum fix, and changes to the estate tax.
The top two income brackets benefit significantly from the extension of the reduced individual income tax rates who would have otherwise seen top rates of 36 and 39.6 percent.
Other modifications for 2010 affect capital gains and dividends, the alternative minimum tax, cuts in payroll tax, and changes to the federal estate tax and medicare tax among many others - too many to list here.
So, schedule an appointment with your accountant or tax advisor and get ahead of schedule this year. I know the topics is not fun for most people and it doesn't make for a particularly interesting blog post, just let it serve as a subtle reminder.
Zach
* Disclaimer: I am not a tax advisor or an accountant and the information above is solely for general information only. You are advised to seek appropriate counsel qualified to service your particular needs.
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