Tax Brackets Increase-
Protect Your Retirement Funds
Act to prepare your family, your retirement funds and your future for tax brackets increase and other Game Changing events occurring in 2011. See the list below of financial changes occurring in 2011.
It does not matter if you are a Democrat, Republican or Independent, you can expect your financial world to change in 2011.
You have the school year and Christmas shopping ahead of you as things for which you will have to pay. Then comes the amazing list of things that your government has initiated or allowed to happen.
Even if you have many years before you stop working, my best retirement advice for you is to consider the elements that are before us and seek guidance and assistance from your trusted advisors.
As published by streettalklive.com in their weekly newsletter, "The X-Factor Report" dated July 31, 2010, the whole game changes in 2011.
"If you make any money, the government shoves you in the creek once a year with it in your pockets, and all that don't get wet you can keep. "
~ Will Rogers
"I'm proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money."
~ Arthur Godfrey
Those game changing events are:
- Tax brackets will increase to 15% from 10%, 28% from 25%, 31% from 28%, 36% from 33%, 39.6% from 35%. Just think how much of an impact that will make on your take-home pay.
- The estate tax exemption will decrease to $1 million from $3.5 million in 2009 and an unlimited amount in 2010.
- Personal exemptions and itemized deductions will be "phased out". A personal exemption for two (2) dependents, including the taxpayer, was $7,300 for 2009.
- Capital gains tax will increase to 20% from 15%. You will receive %5 less when you sell stock in 2011.
- Dividend tax on stock that you purchased during the year will increase to 39.6% or even 43.4% from 15%.
- Flexible spending accounts will be different.
- Health savings accounts will also change.
- Health reimbursement accounts will be impacted.
- Alternative minimum tax reach is expected to increase and impact 28 million families in 2011, which is an increase from 4 million families in 2010.
- Gifts from IRAs will not be allowed to be donated to your favorite charities.
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If you have not done so already, you may want to consider getting retirement help, and it does not matter if you are near retirement or not. Your retirement funds could be impacted by the changes in your financial world.The increase in tax brackets is just the start. No matter what happens in the November 2010 elections, the largest tax burden in U.S. history will begin in 2011. Be prepared.
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