Three Reasons Uncle Sam Took More Money from Your Pocket in 2013

Many Americans made more money in 2013, thanks in part to last year’s soaring equity market and continuing economic recovery. Partly as a result, however, many Americans will be writing bigger checks to Uncle Sam come April 15. Here are the three things most people overlooked in anticipating their 2013 tax bill:

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Don’t Forget the Beginning-of-Year Gifting Season

Tara Thompson Popernik (pictured) and Brian Wodar Many people see December 31 as the deadline for tax-advantaged giving each year. While that’s generally true for charitable donations, it may make sense to give one type of gift as early in the year as possible—the annual exclusion gift.

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Doing Well by Doing Good

Tara Thompson Popernik (pictured) and Paul Robertson Charitable giving remains one of the few ways that US taxpayers can avoid taxes outright. If you’re philanthropically inclined, giving can be a win-win that benefits you and society at the same time.  

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Think You Missed the Boat on Roth Conversion?

Tara Thompson Popernik (pictured) and Paul Robertson Not likely. As long as you don’t expect to spend down all of your IRA assets, our research suggests that converting your traditional IRA to a Roth IRA can save you plenty on taxes. Conversion would have saved you even more before the American Taxpayer Relief Act (ATRA) [...]

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My, What Big Teeth You Have! Minimizing This Year’s Tax Bite

Tara Thompson Popernik (pictured) and Paul Robertson Come April, some Americans will be shocked by their income tax bills, as new rates introduced by the American Taxpayer Relief Act (ATRA) of 2012 begin to bite. We estimate that the federal tax bill could rise 14% in 2013 versus 2012 for a hypothetical couple with the [...]

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Government Shutdown Is Not a Tax Holiday

With just over a week to go before the October 15 filing deadline for US tax returns that are on extension, the Internal Revenue Service is currently operating under a government shutdown contingency plan.  What does that mean for taxpayers, especially those who have yet to file their 2012 returns?

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Last Call to Take Advantage of Ultralow Rates for GRATs?

 Tara Thompson Popernik (in photo) and Stephen S. Schilling US investors interested in establishing a “zeroed-out” Grantor Retained Annuity Trust (GRAT) would benefit from completing their transactions before rising interest rates diminish its potential value—preferably before the end of July.

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