1/15/2014

Tax Articles
Fat- Chance Tax Deduction
Tax Withholding Calculator
12 Smart Tax Moves to Make Now
If you’re in the 15% tax bracket, you’ll pay 0% on long-term capital gains. In 2013, you’re eligible for the 0% capital-gains rate if your taxable income is $36,250 or less if you are single, or $72,500 or less if you are married filing jointly.

If your adult children or parents are in the 10% or 15% tax bracket (taxable income of up to $36,250 for singles, $72,500 for married couples), they qualify for the 0% tax rate on long-term capital gains. When they sell the securities, profit that would have been taxed at a rate as high as 23.8% on your return will be tax-free on theirs. Children under 18 and full-time students under age 24 are subject to the “kiddie” tax. Investment income that exceeds $2,000 will be taxed at the parent’s higher rate. To qualify for the special rate for capital gains, the securities must have been held for at least 12 months. For securities given as gifts, though, the holding period includes the time you owned them.

Estate Tax by State
in some states that continue to collect estate taxes, the difference between the federal and state tax exemptions is huge. New Jersey taxes estates worth more than $675,000. Rhode Island nicks those worth more than $910,725, and New York's estate tax applies to estates valued at more than $1 million. All three states impose a top rate of 16%.


14 IRS RED Flay Audits