More On Tax Planningfrom The Advisor's Professional Library
- Long Term Care Insurance: Premiums While premiums for qualified long-term-care insurance may be deductible as medical expenses there are exceptions to this general rule. Learn how to avoid unnecessary tax liabilities.
- Annuities: Variable Annuities Annuities are hot. The tax rules vary with the circumstances. Advisors must be aware of these intricacies when discussing annuities with clients.
"The details are being worked out," one source said.
Treasury Secretary Timothy Geithner said Sunday, July 25, that the economy was not likely to slip back into recession but letting tax cuts for the wealthiest Americans expire was necessary to show commitment to cutting budget deficits. In appearances on several Sunday talk shows, Geithner said only 2% to 3% of Americans -- those making $250,000 or more a year -- would be affected when tax cuts enacted under President George W. Bush ended on schedule this year.