More On Tax Planningfrom The Advisor's Professional Library
- Precious Metal Taxation Precious metals can be used to better diversify a portfolio but can be volatile. The tax implications of investing in these types of assets vary depending upon the situation.
- Annuities: Estate Tax The value of certain types of annuities may be included in an estate’s value. Understanding the intricacies of these inclusions is a critically important aspect of estate planning.
The U.S. House of Representatives today passed by a vote of 216-193 H.R.
3996, the Temporary Tax Relief Act of 2007, which would ensure that no
additional taxpayers pay the AMT this year. The bill would also extend
popular tax credits and deductions such as the deduction for state and local
sales tax, tuition, out-of-pocket expenses for teachers and research and
development that would otherwise expire at the end of the year.
Secretary of the Treasury Henry Paulson told Congress in a recent letter that it must enact an AMT patch by early November so that 25 million taxpayers won't get hit with the AMT on their 2007 taxes. Paulson also wrote that "if a patch is not enacted until mid-December, an additional 25 million taxpayers--50 million total--could see delays in up to $75 billion dollars in refunds."