Spring/Summer Newsletter
Now that tax season is behind you, it is time to prepare for the 2007 tax year. This newsletter provides many useful tips to help you maximize your deductions and lower your tax liability. It is also designed to help you identify issues that may be relevant to your specific situation.
Will You Get Nipped By the AMT in 2007?
The Alternative Minimum Tax (AMT) originally was created to counter tax shelters employed by high-income taxpayers. However, over the past few years, primarily due to inflation, the AMT has begun affecting middle-class taxpayers, which was not the original intended purpose.
Important Considerations When Selecting a Trustee
Creating a trust is an important part of estate planning for many individuals. Usually, the individual creating the trust also will be the initial trustee, with a successor trustee named to carry on when the individual becomes incapacitated or dies. When it comes to selecting a trustee, you need to be aware of several issues.
Surprised by the Kiddie Tax? There are Ways to Avoid It!
Under legislation passed in early 2006, Congress revised the kiddie tax rules to apply to children through the age of 17 (previously 13).
Clean Out Old Tax Records!
If you are like most taxpayers, you have records from years ago that you are afraid to throw away. It would be helpful to understand why the records are kept in the first place.
Charitable Contribution Substantiation Rules Toughened for 2007
Beginning this year (2007), cash contributions, regardless of the amount, must be substantiated with a bank record or a written communication from the done, showing the name of the charitable organization, date and amount of the contribution.
Since You Asked
Find out the answers to general tax questions.
Tax Calendar
Keep track of important deadlines throughout the year and file your taxes on time.
E Thomas Associates Inc. is a registered investment advisor in Kentucky.
Dave Smith & Tony King are Registered Representatives of and securities are offered through Dalton Strategic Investment Services, Inc., member FINRA & SIPC. 6408 River's Edge Rd, Greenville, OH 45331
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