Archive | Income Tax

An American Tax Plan

December 04, 2017  |   Posted by :   |   Income Tax   |   0 Comments

In response to numerous inquiries I have decided to offer my response to the current proposed tax legislation, which is projected to add over $1 Trillion to our national debt (currently over $20 Trillion). The current proposed tax legislation is just a new version of the 1986 Tax Act, which was a complete and unmitigated […]

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Financial Advice for Athletes

March 11, 2015  |   Posted by :   |   Income Tax,International Tax Planning   |   0 Comments

In a recent article by Kevin Chupka, Preventing a financial fumble: Brett Favre’s advice to athletes, it is noted that within 2 years of retirement 78% of NFL players are under financial stress or broke and 60% of NBA players, are in similar straits within 5 years of retirement. Recently, former baseball star Darryl Strawberry […]

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2014 U.S./California Income Tax

May 02, 2014  |   Posted by :   |   Income Tax   |   0 Comments

In 2014, the highest income tax rate is 51.7% (Federal tax rate: 44.3%, California tax rate: 13.3%). The 51.7% tax rate applies to wage earners. For investors the top rate on net investment income is 50.92% (Federal tax rate: 43.4%, California tax rate: 13.3%). The top tax rates apply to U.S. taxpayers who earn income […]

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U.S. Income, Estate & Gift Tax 2014

April 30, 2014  |   Posted by :   |   Income Tax   |   0 Comments

Estate & Gift Tax 1. Estate and Gift Tax Exemption increases from $5,250,000 to $5,340,000, tax rate: 40% (excess over $5,340,000) 2. Gift Tax Exclusion: $14,000 per donee 3. Up to $1,090,000 of farm or business realty can receive discount estate valuation 4. Estate Tax Deferral (Installments) If one or more closely-held businesses make up […]

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2014 Tax Rules

January 22, 2014  |   Posted by :   |   Income Tax,IRS Tax Audits   |   0 Comments

Estate & Gift Tax 1. Estate and Gift Tax Exemption increases from $5,250,000 to $5,340,000, tax rate: 40% (excess over $5,340,000) 2. Gift Tax Exclusion: $14,000 per donee 3. Up to $1,090,000 of farm or business realty can receive discount estate valuation 4. Estate Tax Deferral (Installments) If one or more closely-held businesses make up […]

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2013 Tax – Income Tax

February 21, 2013  |   Posted by :   |   Income Tax   |   0 Comments

In 2012, the highest income tax rate (U.S./California blended tax rate) was 42.99%: Federal tax rate: 35%; California tax rate: 12.3%. In 2013, the highest income tax rate is 51.7% (Federal tax rate: 44.3%, California tax rate: 13.3%; the 51.7% tax rate applies to wage earners). For investors the top rate on net investment income […]

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