Tax issues discussed at Rotary

During the Feb. 19 Rotary meeting, Duane Dunn shared on tax law changes taking effect in 2013. With the “fiscal cliff” challenge and the Bush tax benefits that expired Dec. 31, Congress made a few changes and continued many of the previous rules. Because Congress waited beyond the end of the year of 2012 to pass certain laws, the Internal Revenue Service told Congress it would take them until Jan. 31, 2013, to get the printing of the new forms completed. As of the meeting’s discussion, Dunn said there are still many forms not available and if people call on the tax line, they will not answer. The IRS phone lines have been overwhelmed.

Tim Ottmar discussed the changes on the estate tax, which has been moved to $5.25 million from the previous $5 million exemption. This means for an estate anything over the $5.25 million would be subject to an estate tax. For more clarity, visit with an attorney. Ottmar also said that even though $5.25 million is a large sum of money to be allowed to pass through an estate at zero tax, when considering the value of farm land over the past few years, it doesn’t take very many acres to hit the threshold.

The meeting was chaired by President Quincy Backen, Darrell Losing gave the table blessing, Gary Riffe and Gina Dahl led the group in music and Blaine Bergstedt collected numerous “Happy Dollars.”

JHS student guests were Jana Lynch and Brittney McIntyre.

Nick Schmidt is in charge of today’s program. Sergeant-at-arms is Lyman Keim. Backen reminded members that the Wine Tasting Brew Ha, Ha Silent Auction is April 18.

Tags: community, clubs