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  • Federal Estate Tax and Gift Tax Changes in the Tax Cut and Jobs Act Provide New Opportunities for Tax Savings
    Federal Estate Tax and Gift Tax Changes in the Tax Cut and Jobs Act Provide New Opportunities for Tax Savings

    Most of the changes in the Tax Cut and Jobs Act, which became effective on January 1, 2018, relate to income taxes. However, the law includes important and significant changes that affect federal ...

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  • Congress Closes Kiddie Tax Loophole
    Congress Closes Kiddie Tax Loophole

    Sometimes the best-laid plans go awry – and this time, you can blame Congress. If part of your tax planning included giving appreciated stocks, mutual funds or other assets to your teen or college ...

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  • Will You Owe 2016 Gift Taxes?
    Will You Owe 2016 Gift Taxes?

    Michigan, like most states, does not have a state gift tax. However, the federal gift tax law in the Internal Revenue Code applies to everyone in all states, including Michigan. In any year, if you ...

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  • The Federal Estate Tax Is Dead: Now What?
    The Federal Estate Tax Is Dead: Now What?

    Source: SmartMoney It’s your money. Be Smart. January 7, 2010 Washington, we have a problem. You just let the federal estate tax expire and the citizens are confused. Nobody saw this coming, least of ...

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  • Taxpayer May Deduct Medical Expenses and Real Estate Taxes Paid by Another
    Taxpayer May Deduct Medical Expenses and Real Estate Taxes Paid by Another

    The United States Tax Court rules in a Memo that a taxpayer is allowed to deduct medical expenses and real estate taxes that her mother, who was not legally obligated to do so, paid directly to ...

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  • IRS to Publish New Proposed Regulations for 529 Plans
    IRS to Publish New Proposed Regulations for 529 Plans

    The IRS has announced that it will soon propose new regulations governing 529 College Savings Plans, which will (I) contain an anti-abuse rule (to prevent using 529 Plans to skirt gift tax rules); ...

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