If you’ve been using the same tax professional for years, it might be time to have a fresh set of eyes look over your return. After many years, a tax accountant might not be proactively looking for savings. A new accountant may provide a more robust review of a person’s tax s...
The Biden administration proposes that on top of the old death tax, which is assessed on estates, the federal government should add a new tax on the deceased’s last 1040 personal-income-tax return. This new, second tax would apply to tens of millions of Americans. …the year someone died...
Only individuals fileForm 709: U. S. Gift (and Generation-Skipping Transfer) Tax Return—there's no joint gift tax form. If a both spouses each make a taxable gift, each spouse has to file a Form 709. On a gift tax return, you report the fair market value of the gift on the date...
Will volatility return to the stock market? What will happen next with interest rates? While we can never know the future, it can be valuable to focus on things we can control—taxes, for example. While you generally can't avoid taxes, you may be able to reduce them with a bit of ...
Craig Timberg
As you wrap up tax filing today or apply for an extension for filing your tax return, here are some last-minute tax tips to remember: Good investors are good tax planners. Maximize your 401(k) contributions. Put your money in a 529 education savings plan. Don't forget to take required...
I realize the study is only claiming that such taxes are less damaging than other taxes, but it still doesn’t make sense since death taxes directly drain capital out of the economy’s productive sector. The study also look at the impact of various tax changes on “inequality,” leading th...
Do I have to report the home sale on my return? You generally need to report the sale of your home on your tax return if you received a Form 1099-S or if you do not meet the requirements for excluding the gain on the sale of your home. See: "Do I have to pay taxes on...
Rescuing an Undesirable Tax Plan after Death ATTORNEYS Linda Kotis PRACTICE AREAS Estate Planning Commentary by Linda Kotis LISI Estate Planning Newsletter 04.27.2017 . Commentary by Linda Kotis: "Reform School - Lessons on Rescuing an Undesirable Tax Plan after Death." Steve Leimberg's Estate ...
The meaning of DEATH TAX is a tax arising on the transmission of property after the owner's death; especially : estate tax.