When President Obama released his budget earlier this month, it sent shock waves across both isles. But the biggest surprise? Your retirement savings are capped.
In this week’s Blatt Watch, Peter shares with readers a funny yet frightening video of a guy who tries to get his bank to extend his personal credit line – despite already owing roughly seven times what he earns!
Wondering how the fiscal cliff deal affects small business owners? Peter explains it all here in this easy-to-understand, simple article. It’s a must-read for those who aren’t familiar with what the legislation accomplishes for business owners, and where it comes up short!
Today’s Blatt Watch centers around how to build successful partnerships and boost your small business income.
You have only 150 days left until the new tax laws come into effect. The health care law has been declared constitutional; the remaining provisions will be going into effect. One little known provision is a new 3.8% investment income surtax, also called the health care surtax or the Medicare tax; it will go into effect on January 1, 2013.
This new surtax will be assessed on the lesser of a) net investment income or b) the excess of modified adjusted gross income (MAGI) over the “threshold amount.” For married taxpayers filing jointly, the threshold amount is $250,000; married filing separately, $125,000; all other individual taxpayers, $200,000. For trusts and estates, it is the beginning of the top income tax bracket ($11,650 in 2012).
Why don’t individuals invest like endowments? Because they don’t know how to. Peter Blatt’s insightful article here explains how you too can invest like Harvard.