Whatever the circumstances, with newly created or realized wealth comes great responsibility, significant complexity and potentially unsettling emotions. Handling this responsibility effectively can help ease your financial stress, simplify the associated burdens, and enable a more gratifying life experience.
Welcome to our first issue of Fairman Group Perspectives, our enewsletter focused on sharing timely financial planning insights. In this edition we highlight how geopolitical tensions may impact oil prices and the economy, tips for protecting your identity, the IRS annual list of tax scams, the need to review withholding, and estate tax changes.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) was a sweeping piece of legislation that significantly changed the federal gift and estate tax and the GST tax for the years 2001 through 2010. The maximum tax rates gradually decreased from 55% to 45% (35% for gift tax) and the exclusions/exemptions gradually increased from $675,000 to $3.5 million ($1 million for gift tax). The provisions of EGTRRA repealed the estate and GST taxes (but not the gift tax) for 2010; then, for 2011, EGTRRA provisions expired, effectively reinstating the tax rules that were in effect prior to 2001.
The IRS continues to encourage taxpayers to review the amount of tax they have withheld to avoid an unexpected tax surprise when they file their 2019 tax returns next year. Preliminary 2018 tax filing data seems to show the need for taxpayers to review their withholding in order to make sure the appropriate amount of tax is being withheld from their paychecks to reflect recent tax law changes.
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