Tax Planning in the Transition Period

Tax increases across the board are scheduled to take effect on Jan. 1, 2013. In addition, a number of tax breaks expire at the end of 2012 and still haven’t been extended.

Income taxes are about to increase for all Americans when the George W. Bush-era tax cuts expire on Dec. 31.

Estates worth less than $5 million are exempt from the tax, which can take 35 percent for Uncle Sam. On Jan. 1, however, the tax shoots back up to its old levels, hitting estates valued at $1 million or more and assessing a top rate of 55 percent.

This may be a good time to do some tax and estate planning.

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