In 2010 the estate tax will be repealed and the gift tax rate will fall to 35%. However, this repeal is effective only for that year and the estate tax will be reinstated in some form the very next year (2011). The US Senate is considering options to reduce or eliminate the estate tax. Currently, the estate tax only applies to fortunes over $2 million (at 46%) and is estimated to affect 12,600 taxpayers in 2006.
April 15th is almost here and if you are owing tax it may pay to take a second look at that return to see if you claimed all medical deductions you are entitled to. Your diligence in keeping track of expenses will pay off. IRS Publication 502 has a complete listing of all medical costs deductible. Following are some of the commonly overlooked medical deductions.
More and more taxpayers are finding a hidden tax on their individual tax returns. This tax was originally designed to not allow taxpayer in the higher income brackets take advantage of tax driven policy like deducting:
A lot of itemized deductions
High local and state tax deductions
Child exemptions
A Mortgage deduction
Taxes
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