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Be Prepared with Tax Planning As Federal Tax Policy Changes

With the new federal tax-cut bill on the horizon, you might be wondering how changes in US tax policy affect you this upcoming federal tax filing season. Learn more about the facts of the bill, or ask your tax attorney for an industry insider's scoop.

Here are the tax figures built into the bill for the next two years:

  • Federal income tax rates will remain the same - at a maximum of 35% for the highest income brackets
  • Dividends and capital gains tax will remain the same - at a maximum rate of 15%
  • Exemptions will increase for the Alternative Minimum Tax when filing federal income taxes
  • Social security tax withheld from employees' paychecks will decrease from 6.2% to 4.2%
  • Estate tax exclusion will increase from $3.5 Million to $5 Million per person - meaning, if you pass away and leave an estate valued up to $5 Million, your estate would not be taxed on it.
  • Maximum estate tax rates will decrease from 45% to 35%
  • Certain items that expired in 2009 and 2010 will be extended

Though the potential changes in tax law for 2011 may not have an immediate impact on your tax debt problems or filing tax returns for 2010, they could affect your tax planning decisions.

Income tax and estate tax planning with a licensed Atlanta CPA and tax attorney will help you understand changes in tax law in this year and any. It's important for taxpayers to meet with their tax experts when making decisions about wills and trusts, tax planning, and changes to your estate.

Jeffrey S. Gartzman is an Atlanta tax attorney and CPA who has been helping people in Atlanta with tax planning and estate planning since 1982. To get the tax help you need, contact The Gartzman Law Firm today at (770) 939-7710.

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