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STRATEGIC ISSUES...ONLINE 
For week of April 10, 2006, Issue #257
 
Featured Articles:
1. Estate Taxes Fall - But You Still Need a Plan
2. Tech Tip Weekly:  Floating the MS Excel Menu Bar
3. Compliance Calendar
 
 
If you would like to have further information on any of these articles, let us know.  We would appreciate receiving your comments and/or suggestions, anytime!
acarroll@pmcpa.com
 
1.  Estate Taxes Fall - But You Still Need a Plan
 
There's good news if you're concerned about estate taxes.  Beginning this year, the value of your estate that's excluded from tax increased from $1.5 million to $2 million.  And the top rate on taxable estates fell to 46%.  Generally, you won't start paying at that rate until your estate tops $4 million.  (Note that lifetime gifts above the annual exclusion amount count as part of your estate, and the exclusion for them remains at $1 million.)
 
Just because your estate may be under the tax threshold, you can't ignore estate planning.  If you have a plan in place, you should review and update it at least annually.  First, your financial situation might have changed.  Or there could be changes among your heirs or beneficiaries.  Think of all the births, marriages, deaths, and divorces in your extended family during the last year.
 
If you don't have an estate plan, establish one as soon as possible.  A plan is not just about avoiding estate taxes.  At a minimum you need the following:
 
-A will or trust to specify who will inherit your assets and to appoint a guardian for any minor children.
 
-A medical directive or "living will."
 
-Health care and financial powers of attorney.
 
-Updated beneficiary designations for insurance and pension assets.
 
For help calculating the value of your estate, or to learn more about how estate taxes might affect you, please contact our office.
 
2.  Tech Tip Weekly:  Floating the MS Excel Menu Bar
 
Toolbars, like the Standard and Formatting toolbars, aren't the only things that float in MS Excel.  You can even float the MS Excel menu bar containing all the pull-down menus.  When you select a menu on a floating menu bar, its commands may appear above the bar next to the menu's name rather than below the bar (as is normal), depending upon how much room there is between the floating bar on the bottom of the screen.
 
To float a toolbar on the screen, position the mouse pointer somewhere on the bar that appears a the very front of the toolbar (this bar looks fuzzy because it's made up of tiny, gray horizontal lines), hold down the mouse button, and drag the toolbar where you desire.  To restore a floating toolbar to its original docked position on the screen, drag the toolbar's title bar to that location.
 
3.  Compliance Calendar
 
April 14
-Employers deposit Social Security, Medicare and withheld income tax for April 8, 9, 10, and 11.
 
April 17
-Individuals file a 2005 income tax return and pay any tax due.  Taxpayers seeking an extension should file Form 4868 for an automatic six-month extension.
 
-Individuals make first installment of 2006 estimated tax.
 
-Partnerships file a 2005 calendar year return (Form 1065).  Partnerships seeking an extension should file Form 7004 for an automatic six-month extension.
 
-Corporations deposit the first installment of estimated income tax for 2006.
 
-Monthly depositors deposit Social Security, Medicare, and withheld income tax for March.
 
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