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The Domain of Estate Tax
from:When the death of an individual results in property or belongings being passed on to another individual or entity, estate taxes can be levied upon those assets. Because the laws dealing with estate taxes change so frequently, the amount of taxes levied can vary greatly depending on the year of death. For example, some years require the estate to be valued at no more than 1 million dollars in order to be exempt from estate taxes. In other years, the number runs at 3.5 million dollars. There are also a number of other guidelines in place that determine who can be taxed, when they can be taxed and how.
First and foremost, an executor is established to carry out the legal obligations of the estate. This can be a relative or whoever is specified in the individual's will. Should it be determined that there are estate taxes owed, the executor of the estate will have nine months in which to submit an estate return to the Internal Revenue Service. The IRS will then calculate the correct amount of tax owed. Documents such as death certificates and a last will and testament must be submitted, as well as any other financial documents that can ensure the proper amount of tax will be levied. Some states also levy estate taxes on assets as well.
Luckily, the vast majority of the population rarely ever finds itself dealing with the issue of estate taxes. Small businesses or farming operations are often given enough assessments and deductions to clear beneficiaries from paying such dues. The few farms and businesses that still meet the requirements for estate taxes are given a generous number of years to make good on what they owe. For the most part, this tax is what is called a transfer tax and it mostly applies to those largest and wealthiest of estates. It is a large source of revenue that has its supporters and its opposition.
Those setting up an estate would do well to consult a professional steeped in the finer points of estate taxes. The complexities of the system allow for the arrangement of many circumstances that keep estate taxes at bay. However, this is not guaranteed in every situation. Law firms, insurance agencies and banks all offer financial planning services, many of which focus on helping individuals lower or avoid any tax burden that might go with their estate planning. With the estate tax laws updating and changing as often as they do, it may be necessary to also update and change an existing will and testament from time to time.
City Taxes News
Huntsville businesses will have to e-file city tax returns starting this fall - al.com (blog)
 al.com (blog) | Huntsville businesses will have to e-file city tax returns starting this fall al.com (blog) By Steve Doyle, The Huntsville Times HUNTSVILLE, Alabama -- Hundreds of Huntsville business owners who write the city a monthly sales tax check will soon be required to pay electronically. An amendment to the city tax code mandates e-filing of all ... |
Analysis: Property taxes give NY Westchester edge over peers - Reuters
Analysis: Property taxes give NY Westchester edge over peers Reuters One secret lies in Westchester's higher and steadier stream of property taxes, analysts say. Rockland County, which lies north of New York City and has a population just one third that of Westchester, and larger Nassau and Suffolk, which lie east of ... |
Fitch Downgrades North Las Vegas, NV GO Bonds to 'BBB'; Places Ratings on ... - MarketWatch (press release)
Fitch Downgrades North Las Vegas, NV GO Bonds to 'BBB'; Places Ratings on ... MarketWatch (press release) The bonds are secured by the full faith and credit of the city, subject to Nevada's constitutional and statutory limitations on the aggregate amount of ad valorem property taxes. Additional security is provided to $136.57 million of the bonds by an ... Fitch Affirms Gainesville, Florida's Non-ad Valorem Bonds; Outlook Stable |
Green, Goode, square off over planned property-tax overhaul - Philadelphia Inquirer
Green, Goode, square off over planned property-tax overhaul Philadelphia Inquirer Some homeowners will see drastic increases; many will get a tax break. In a series of speeches capping Thursday's City Council meeting, Goode emphasized that there are 250000 houses at or below the city's median value of $120000. |
Kansas City puts two questions on August ballot, including a sales tax - Kansas City Star
Kansas City puts two questions on August ballot, including a sales tax Kansas City Star 7 ballot: • To repeal several park property taxes and create a street maintenance fund — if voters approve a 1/2-cent sales tax increase for parks. • To authorize a $500 million bond, primarily for the city's federally mandated sewer overhaul project. Kansas City voters will decide on tax measures in August KCTV 5Mayor's sales tax plan Mayor details replacement tax |