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Alan L. Olsen, CPA, MBA (tax)'s Articles in Taxes
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Tax Strategies for the Wealthy: Qualified Personal Residence Trust (QPRT)
The Qualified Personal Residence Trust (QPRT) provides a means for significantly reducing the estate tax consequences of the family home and one vacation home. The QPRT also provides an excellent asset protection vehicle since you no longer own the property once the trust is established.
Estate Tax Repeal or Revision?
In 2010 the estate tax will be repealed and the gift tax rate will fall to 35%.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.
Avoiding the AMT Trap
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, or a mortgage deduction.
Making Your Medical Deductions Count
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.
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