Drew Miles Tax Planning Advice and Tax Savings Tips

The House of Representatives voted on December 3, 2009 to extend the estate tax rate for 2009 into 2010. The estate tax is the transfer of property to heirs or family members and the exemption amount is the amount each person can pass free of federal estate taxes.

The estate tax extension plan was enacted under the George W. Bush administration as the Economic Growth and Tax Relief Reconciliation Act of 2001. Initially, the act provided an increase in exemption tax rates followed by a gradual decrease per year.
The scheduled exemption rate per year was 50% for 2002, 49% for 2003, 48% for 2004, 47% for 2005, 46% for 2006, 45% for 2007, 2008, and 2009. The estate tax amount would have fazed out to 0% for 2010.

Under this tax plan, there would have been a 0% estate tax rate for 2010. The revised extension allows a $3.5 million exemption per individual ($7 million for married couples) and a top rate of 45 percent.

The repeal of the estate tax rate is critical but the Senate is likely to go along with this temporary fix, while preserving the option to adjust the permanent levels further later and to add a provision for inflation indexing of the exemption amount.

Drew Miles says to document everything right to avoid a tax scam.  Drew grew up working in a family business on Long Island, NY.  After passing the New York State Bar, Drew established his own firm where he practiced for 18 years.  In 2006, he set out to concentrate solely on his commitment to serve his clients and expand Pathfinder’s scope of programs.

His unique approach combines what he has learned, not only from his formal legal education, but also his “informal” business education and 25 years of entrepreneurial experience, in the development of programs designed to educate people in the fine art of building and preserving wealth.

Drew is an author, teacher, and international speaker.  His highly acclaimed book, Zero to Success, chronicles the steps every new business owner must take to ensure success.  He has been featured in Forbes, the Dallas Morning News, American Banker, and Yahoo Finance.  To date, he has helped over 5,000 business owners save over $100 million dollars in taxes.  That’s why he’s known throughout the United States and Canada as the “Tax Saving Attorney”.