April 2013

Estate Tax After the Fiscal Cliff
ATRA 2012 permanently extends the $5 million (as indexed) gift tax and estate tax applicable exclusion amount and generation-skipping transfer tax exemption. It also increases the top gift, estate, and GST tax rate to 40% starting in 2013.

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Understanding the New Medicare Tax on Unearned Income
The health-care reform legislation enacted in 2010 included a new 3.8% Medicare tax on the unearned income of certain high-income individuals. This new tax, known as the unearned income Medicare contribution tax, or the net investment income tax (NIIT), went into effect on January 1, 2013. Here's what you need to know. More Details

Financial Tips for Obtaining a Mortgage Loan
As a result of tightening mortgage lending requirements, you should consider the following tips to improve your chances for obtaining a mortgage loan.

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I don't think I'll be able to file my tax return by April 15. Is there any way to file my return at a later date?
If you aren't able to file your federal income tax return on time, you can file for and obtain an automatic six-month extension by using IRS Form 4868.

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After filing my tax return, I found out that I'll be getting a large refund this year. What should I do with it?
Investing towards your retirement/child's college education, paying down debt, and/or adding to your emergency cash reserve are all good ways to make your refund work to improve your overall financial picture. More Details

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