Given the parlous tax planning environment this year, John Scroggin, a business, tax and estate planning attorney, has a few suggestions. People with estates between $5 million and $10 million should consider making significant gifts in 2012 with the gift tax exemption dropping from $5 million to $1 million in 2013. Anyone holding significant cash in a C-Corporation should consider taking a dividend of the cash out before year-end as the federal dividend rate of 15% will expire at year-end. The federal capital gain rate increases from 15% to 20% in 2013, so complete any capital gain transactions before then. And a client whose longevity beyond 2012 is in question should have a general power of attorney in place with the authority to make gifts and/or advance bequests.
The United State is not near the top of this list.
If your sales are soft, here are ideas about how to fix that.
One of the weak performers was voluntary dental insurance.
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