fbpx

Small Business Owners: Don’t Take Today’s Low Tax Rates for Granted

The top marginal tax bracket on qualifying dividends is 15 percent through the remainder of 2012. Next year, the rate is slated to go up to 43.4 percent

Planning is one thing, but taking action is another. Right now, when it comes to taxes, the time may be right for small business owners to take action.

Forbes recently wrote an article titled, “Taxes are Low – Move it or Lose It!,” explaining that taxes may take a turn for the worse – and soon – once the calendar rolls over to 2013!

Right now capital gains and dividend taxes max out at 15%. After the year’s end, however, these rates are set to lapse and skyrocket to 23.8% on long-term capital gains and 43.4% on qualifying dividends. So, what is a small business owner to do?

The original article in Forbes provides some practical actions to take, including:

  • If you are selling all or part of your business, do it now.
  • If you have any qualifying dividends available for distribution, do it now.

What else should be done? Certainly the original article offers some additional pointers, but the specific actions depend on your unique circumstances.

Regardless, this is a perfect time to schedule that consultation with your financial, tax and legal advisory team, sooner rather than later.

Reference: Forbes (July 24, 2012) “Taxes are Low – Move it or Lose It!

Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment

LIKE THIS POST?

We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.