Small Business Links
Categories

Archive for the ‘CRUT’ Category

PostHeaderIcon Tax News – August 14, 2013

I’m going to start with a quick sell.  About a year ago, I started an email list for special reports.  I did one, and never got to the second.  I’m going to change gears and do a monthly newsletter instead.  I’m still working on the specifics but if you like the content on the website, I’d recommend you sign up for it.  You can find the signup box on the top left section of the website.  Anyway, on to the news…..

If you have a large estate and want to save on income taxes, a CRUT may be for you.  CRUT stands for Charitable Remainder Unitrust and they’re going to be even more relevant with the Obamacare taxes taking effect as well as the taxes on higher income individuals that were enacted this year.  They work especially well if you have appreciated assets like stocks and if you’re into giving for charity, it’s something you might want to consider.  The article does a good job of explaining the specifics so rather then rehashing it, I recommend you click through and check out the article.

What’s tax reform (if and when it passes) going to cost and who’s going to foot the bill?  This article talks about how corporate tax reform is most likely going to fall on the individual.  Since I think tax reform is up there with fairy tales at the moment, take it all with a grain of salt.  And it’s not that I’m against tax reform (I’m very much for it), I just think with the current political climate (i.e., nothing substantial is getting done), it’s not going to happen anytime soon.

One of the movies my son wants to see is RIPD.  While it looks like a solid flick, it’s been a box office disaster.  Now there’s reports coming out the film received more in tax credits than made at the box office. Some of the tax credits are even transferable so they might just be able to make money on it, just at the expense of the state of Massachusetts and its taxpayers.