If you're in that range of $67,900 (slightly higher for 2011), do the following to postpone income if you want to take advantage of 0 long term capital gain tax :
You need to calculate how much tax you can save before you need to cut down income.
1. Postpone incomes that you can control - this year is tough as it is a two year affair.
2. No Roth IRA conversion and no withdrawal from retirement accounts if this is an option.
3. Cut down non-qualified dividends from stocks (or move them to retirement accounts).
4. Cut down covered calls in non-retirement accounts.
5. Up your deductibles but not drive you to ATM.
I'm not an accountant or lawyer, so please consult your tax lawyer.
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Estate tax. Exmeption is 5 million per person and unused exemption is portable to the spouse. Some lawyers in estate taxes could join the queue to unemployment benefits as the rest of us.
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With all the tax cuts and entitlements, I expect we'll have inflation down the road, some bonds will collapse, and harder for Federal and muni to borrow money. Will China be a sucker lender?
L.T. capital tax in 2011 and 2012
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