Get a jump on the generation-skipping transfer tax rules

Article Abstract:

The generation skipping tax and its application is explained.

Estate Planning

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Effective generation-skipping transfer tax planning ideas

Article Abstract:

The author provides planning strategies for the generation-skipping tax after reviewing information on the substantive law and addressing planning issues..

Personal Tax Planning, Methods, Planning, Personal finance, Tax planning

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Diagnose payments for bigger medical expense deductions

Article Abstract:

Taxpayers can deduct certain medical expenses. Unreimbursed expenses are covered as deductible items under Sec 213(a) if the aggregate amount paid for the year is more than 7.5% of adjusted gross income. This deduction is not restricted by an annual deduction ceiling, which means that deduction applies to all medical care expenses that are paid during the tax year. Furthermore, this deduction is not subject to the itemized deduction phaseout rules. According to Sec 213(d)(1), medical care covers all payments made for the diagnosis, cure, mitigation, treatment or prevention of a disease, and payments for services that affect any structure or function of the body. Preventive measures such as physical and dental checkups by healthy persons are also deductible. Also covered are transportation, qualified long-term care services, and insurance.

Personal Income Tax Deductions, Taxation, Tax deductions, Personal income tax, Medical fees

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