Health Care and Taxes: A Pause Before Impact
By ROBERT D. HERSHEY Jr.
Far-reaching tax measures are part of the new health care law, though many of them won’t take effect for awhile.
Amid worry about long-term fiscal woes, momentum may be building for bipartisan talks to overhaul the nation’s labyrinthine tax system.
As a result of changes enacted last December, taxpayers should make sure they have the most up-to-date information before filing their returns.
Far-reaching tax measures are part of the new health care law, though many of them won’t take effect for awhile.
If Tim Pawlenty’s proposal to have members of Congress do their own taxes came true, it could become a new fad in reality television.
The recent tax deal has given families a chance to rethink how they transfer wealth.
A joint return can have advantages for married couples, but it doesn’t shield one partner from responsibility for tax debts owed solely by the other.
Advocates of lower rates point to other nations that have tackled the issue in the last two decades. But several hurdles, both fiscal and political, need to be cleared before any change occurs.
TurboTax, H&R; Block at Home and TaxAct each have some appealing features, says one taxpayer who has tried all three.
A line-by-line walk through the 1040 to help taxpayers understand the changes in 2010.
The compromise tax law that was enacted in December clarified the tax outlook for the immediate future, but that clarity will last for only two years.
Passing assets outside of probate keeps them private and can simplify planning, but plans can have unintended consequences if not fully coordinated.
The tax deal reached in December was unexpectedly generous toward gift and estate taxes, so personal wealth advisers foresee benefits for charities.