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March 30, 2012 |
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Congratulations, we get a two-day reprieve on our Federal income tax-filing due date, this year on Tuesday, April 17.
With taxes still on the mind, however, our current newsletter offers you a brief overview of a few opportunities and issues to be aware of the rest of the year. The point here isn’t to become a tax specialist, but rather to know what questions to consider. As always, we enjoy hearing from you. Give us a call today if we can help you apply any of the information offered here.
Best,
John A. Frisch, CPA/PFS, CFP
President & Founder
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Death and Taxes: An Update
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Uncertainty once again surrounds the future of the federal estate tax. Unless Congress enacts further legislation before January 2013, the exemption will revert to $1 million, the top tax rate will revert to 55% and portability will no longer be allowed.
Learn about the future of the federal estate tax and some 2012 planning ideas in this brief video clip.
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2011 IRA Contributions
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There's still time to make a regular IRA contribution for 2011! You have until your tax return due date (not including extensions) to contribute up to $5,000 for 2011 ($6,000 if you were age 50 by December 31, 2011). For most taxpayers, the contribution deadline for 2011 is April 17, 2012. Normally, your tax return must be filed by April 15. However, the IRS has extended the deadline to April 17 this year because April 15 is a Sunday, and April 16 is a holiday in Washington D.C. (Emancipation Day).
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Payroll Tax Cut Extended
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If you work in a job that's covered by Social Security, your employer normally withholds 6.2% of your wages to pay for the Social Security portion of federal employment (Federal Insurance Contributions Act, or FICA) taxes (assessed on wages up to the taxable wage base of $110,100 in 2012). Your employer has to pay the same amount--6.2% of your wages up to $110,100 (in 2012). You and your employer also each contribute an additional 1.45% of your compensation (with no limit) for the Medicare portion of the FICA employment tax.
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About Us:
Located in Prince William, VA, Alliant Wealth Advisors was founded to help a select group of families
achieve all that is important to them financially. To achieve our mission
we use a consultative wealth management process, which includes both
investment consulting and advanced planning. Our approach assumes that
every client is unique; every client has varying needs and objectives;
and no two clients share the same risk tolerances, time horizons and
dreams. In addition to providing our expertise we work with clients'
existing advisors and, where there is a gap to fill, we use our own
outside experts in the fields of tax, legal and high-end Insurance.
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