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11th Hour Tax Strategies for HNW Clients

Year-end tax planning strategies for HNW clients take on renewed importance for 2013 as the result of recent changes. Many of these clients are subject to higher tax rates on a number of fronts for the first time in 2013. New rates include a higher maximum income tax bracket of 39.6%, a 20% capital gains rate, a 3.8% net investment income tax triggered by a general adjusted gross income threshold, and a 0.9% Additional Medicare Tax on compensation income. Trying to avoid some of these new tax rates, or at least some of their full impact, also creates challenges as income is sought to be deferred into 2014 and deductions accelerated in 2013.

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