Year end Tax Planning

Taxes, Wealth Management No Comments

Tax rates have risen sharply for high income individuals and families. With the top federal income tax rate rising to 39.6%, the new federal capital gains tax of 20%, and the Affordable Care Act’s 3.8% tax on investment income on high earners, your tax liability for 2013 may be significantly higher than in recent years. To optimize your tax position, we recommend that you make an estimate of your 2013 income prior to yearend so that you have the time to take steps, such as tax loss harvesting and accelerating charitable gifts, to mitigate some of your liability should you need to do so.

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