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How Will The Payroll Tax Hike Affect You?

By on April 25, 2013 in Taxes

According to the Washington Post, the payroll tax hike that took effect on January 1 likely just wiped out any improvement you made in your income over the past year.  If you’re a median-wage single person, you’re likely to bring home around $900 less this year than you did last year. An upper-middle class, two-breadwinner [...]

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How the Fiscal Cliff Deal Affects the AMT

By on April 16, 2013 in IRS, Taxes

The Alternative Minimum Tax (AMT) was introduced back in 1969 and acts as a method for the government to tax wealthy people who would normally have ways of lowering their tax burden through special channels. People who end up paying the AMT learn that they cannot deduct common things such as property taxes, investment advisory [...]

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Capital Gains Loopholes: The Mighty 1031 Exchange

By on April 2, 2013 in Taxes

In order to avoid paying capital gains taxes, it is helpful to know and take advantage of the so-called ‘loopholes’ in the tax code. One of the most useful is called the 1031 Exchange or alternately the Starker Trust Exchange. It works likes this; if you inherit and then sell a vacation, rental, or other [...]

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