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Monthly Tax Tip - July 2009
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood.
Our firm often get inquires about the federal
gift tax annual exclusion. As illustrated below, taxpayers can transfer substantial amounts free of gift taxes to their children or other donees through the proper use of this exclusion.
Monthly Tax Tip - May 2009
The American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act),
which was signed into law on Feb. 17, 2009, makes a number of beneficial changes for business.
Here's a review of the more widely applicable provisions that could have an impact on you and
your enterprise.
Monthly Tax Tip - April 2009
While the new law tax changes in the American Recovery and Reinvestment Act of 2009 were the most significant developments in the first quarter of 2009, many other tax developments may affect you, your family, and your livelihood. These other key developments in the first quarter of 2009 are summarized below.
Monthly Tax Tip - March 2009
The American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act), which was signed into law on Feb. 17, 2009, makes a number of beneficial tax changes for individuals. However, most of them are temporary in nature, that is, unless extended by future legislation, they apply for 2009 only or in some cases for 2009 and 2010. Here's a review of the more widely applicable provisions that could have an impact on you and your family.
Monthly Tax Tip - February 2009
Late last year, Congress passed a law that helps individuals who are taking or about to take required payouts from employer-sponsored tax-qualified retirement plans or IRAs. In essence, the law waives these required payouts (called "required minimum distributions" or RMDs) for calendar year 2009. Had the waiver not been granted, many individuals with retirement accounts invested in beaten-down assets such as stocks or mutual funds would have had to sell assets at a loss this year to generate RMDs for 2009. But the new law change helps even those people who would otherwise have to take RMDs from retirement plan accounts and traditional IRAs invested in "bulletproof" assets such as government-insured CDs. If they can afford to skip this year's RMD, they can lower their tax bill for 2009.
Monthly Tax Tip - January 2009
While the new law tax changes in the Emergency Economic Stabilization Act of 2008 were the most significant developments in the final quarter of 2008, many other tax developments may affect you, your family, and your livelihood. These other key developments in the final quarter of 2008 are summarized below.
Articles written by QRGA, LLP.
Nursing Home Costs Continue to Climb
One of the greatest fears of older Americans is that they may end up in a nursing home. This means not only a great loss of personal autonomy, but also a tremendous financial price. The median cost of a private room in a nursing home in the U.S. is $74,208 a year, or $203 a day, according to the 2009 Genworth Cost of Care Survey. The highest rates for a private room in 2009 were reported in the state of Alaska, where the median annual cost is $187,610, or $514 a day. The lowest rates were found in Louisiana, at $50,594 a year, or $139 a day. The average length of stay in a nursing home for current residents is 3 years, which makes the median cost of a nursing home stay in a private room approximately $222,624. |
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