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Posts Tagged ‘Obama tax proposal’

The Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2012 Revenue Proposals, makes the following estate tax proposals, which you should consider when engaging in estate planning during 2011 and 2012.

It would be an understatement to say that the federal estate tax is in a state of flux. The current rules, with the generous $5 million individual exemption ($10 million for a couple), expire at the end of 2012. Last month, the Treasure Department released the “General Explanations of the Administrations’ Fiscal Year 2012 Revenue Proposals,” also known as the “Greenbook.” Perusal of the Greenbook reveals that the Obama Administration will be seeking to make some big estate tax changes. Return the Gift, Estate, and Generation-Skipping Transfer (GST) taxes to 2009 levels. The Greenbook proposes that in 2013 the exemptions…

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Obama Tax Proposal, it may be time to review your year-end tax planning?

The speculation won’t be over until the final bill is written up, passed, and signed into law, but with prospects looking reasonably good for the Obama Tax Proposal, it may be time to review your year-end tax planning. Reuter’s is ahead of the game and recently listed their top three suggestions:       Timing on deductions and income: If you thought you were going to see increased taxes in 2011, you may have planned to push income forward into 2010 and deductions back into 2011. With the Bush-era tax cuts extended to all income brackets this won’t be the case and…

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