In 2004, the highest individual income taxes were reduced to 35%. The top 1% of individuals paid 36.7% in 2009. In 2012, the top tax bracket increased from 39.6% to 36%. This only covers personal tax. Taxes must also be paid on properties and company profits, for example. Now that w...
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Also, in the year of the death of the deceased, the surviving spouse, trustee, executor or administrator should file the IRS Form 56, which alerts the Service as to the person who is responsible for filing the final tax return for the deceased. This return will report the income of the ...
Claiming dependents can help you save thousands of dollars on your taxes each year. Find out who may qualify as our dependents. Read full article MARRIAGE Should You and Your Spouse File Taxes Jointly or Separately? The IRS strongly encourages most couples to file joint tax returns by extending...
Checks payable to a deceased individual can't be deposited into a personal account, even if you're the beneficiary or spouse. You can contact the check issuer and request the check be issued to you instead. However, this isn't always an option. If you want to deposit the check, there'...
The individual who starts the probate process must also file an application for probate with the probate court in the county where the person who passed lived. The deceased person is called the decedent. The person named in the will to distribute the estate is called the executor. If there ...
than they can stay on top of. An individual or a business overwhelmed by debt can file for Chapter 7 bankruptcy. Some property is termed "exempt" and will not be sold in bankruptcy, but most will, with the proceeds distributed to creditors. That is why it is called "liquidation" ...
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Whether beneficiaries have to pay taxes on inheritance depends on their familial relationship to the deceased and on the state where the decedent lived or owned property. Only estates or property located in one of six states that impose inheritance taxes may be subject to them. ...
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