These days are the tax equivalent of when the moon is in the Seventh House and Jupiter aligns with Mars. Congress and IRS have put two things in force which create an unusual tax-saving opportunity between now and year’s end. It is the 2012 equivalent of the days of Aquarius – at least between now and December 31.
The opportunity starts with the much-maligned Estate Tax Credit. Rail if you must, curse if you’d like. But its disappearance doesn’t appear on anybody’s agenda.
So you can presume that the Tax Credit is either going to (a) stay at $5.12 million; (b) shrink to $1 million; (c) end up somewhere in between; (d) head up GA Hwy. 372 towards Ballground, GA.
It doesn’t really matter. But what could make a big difference to you is if you’re holding on to assets which produce income that you’re not spending or using. Read more