Harmoney Advantage Partner Network

Mid-Year Tax Considerations

Though it may seem as if the ink has barely dried on your 2010 federal income tax return, the end of 2011 is now visible on the horizon. Here are some things to consider as you take stock of your current tax situation

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Estate Tax Exemption Is Portable (for Now)

Recent legislation introduced a new, but perhaps temporary, estate planning concept--exemption "portability." In short, the estate of a deceased spouse can transfer to the surviving spouse any portion of the federal estate tax exemption that it does not use. The surviving spouse's estate can then add that amount to the exemption it is entitled to, increasing the total amount that can be passed on to heirs tax free. This new feature makes it easier for married couples to minimize the potential impact of estate taxes.

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Four Tips for Tax Smart Investing


At times, you may be able to use losses in your investment portfolio to help offset realized gains.

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Estate Tax Update

Once again, Congress waited until the eleventh hour to extend, patch, and reinstate old tax laws, and once again, they made most changes temporary (generally, for two years). The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act), signed into law on December 17, 2010, dramatically changes the federal transfer tax landscape. The biggest news: the estate and generation-skipping transfer (GST) taxes have been reinstated for 2010. And, to the delight of some and great disappointment of others, for 2010 through 2012, the estate tax exemption equivalent amount is increased to $5 million (indexed for inflation in 2012), and the top estate tax rate is set at 35%. Here is a brief summary of all the changes.

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What is electronic filing (e-filing) and why is it worth trying?

With electronic filing, you transmit your return to the IRS by computer instead of mailing it by U.S. mail. The primary advantage is that you will receive any refund in approximately two weeks instead of the usual ten weeks. Another advantage is that there are fewer IRS errors because human data entry is eliminated.

I use a home office. Should I take the deduction?

Home office deductions can save you money on your taxes, but you can enjoy these deductions only if you operate a legitimate business from your home and the space is used strictly for business purposes. A home office deduction frequently attracts the attention of IRS auditors, so be sure your office space qualifies before you take the deduction.

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