Closely check distribution calculations once you begin taking minimum distributions. If errors occur and are not corrected, they can be extremely costly. Consult your tax advisor regarding smart IRA plans to take advantage of the benefit of deferring the tax for decades. The Internal Revenue Service has issued final regulations adopting minor modifications on substantiation of business travel and entertainment. After facing many obstacles, marriage penalty relief is gaining support.
Many Senators are enthusiastic about endorsing marriage penalty relief.
The penalty is a tax law oddity that forces many two-income married couples to pay more taxes than they would if they were single. The President is also in favor of the relief, however his proposal is weaker than most lawmakers' proposals. The Congress and the White House are so far apart on the relief issue that some attorneys and accountants fear little or no change will happen this year. Amid election politics, major marriage penalty relief is not likely, because both sides do not feel that they need to compromise on the issue. Although no one wants to be seen as opposed to relief, some observers believe that some change is likely, such as increasing the standard deduction.