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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.
Practice Filing 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 ... |
Culver City Joins 10 Other Cities in Filing Lawsuit Against the State - Patch.com
Culver City Joins 10 Other Cities in Filing Lawsuit Against the State Patch.com By Kelly Hartog The City of Culver City had joined forces with 10 other cities in Los Angeles, Orange, Alameda and San Diego counties in filing a lawsuit, “to ensure local property tax funds are disbursed to fund local obligations rather than to the ... |
Former Eagles DB William James Pleads Guilty to Failing to File Taxes - Patch.com
 NJ.com | Former Eagles DB William James Pleads Guilty to Failing to File Taxes Patch.com The former pro cornerback admitted to not filing tax returns between 2005 and 2009 on $9.2 million in salary. By Bryan Littel Former professional football player William James admitted to failing to file income taxes between 2005 and 2009 and now faces ... Former Philadelphia Eagles cornerback pleads guilty to not filing federal ... |
Ex-player admits failing to file returns - ESPN
 NorthJersey.com | Ex-player admits failing to file returns ESPN AP CAMDEN, NJ -- Federal prosecutors in New Jersey say a former New York Giants and Philadelphia Eagles player has admitted he intentionally failed to file federal income tax returns for several years. Woodland Park resident William James faces up to a ... Pro football player living in WP admits to not paying taxes on $9.2 mill |
State cancels MPH tax sale , taxes to be recovered in bankruptcy - Hope Star
State cancels MPH tax sale , taxes to be recovered in bankruptcy Hope Star By Ken McLemore The sale of the Medical Park Hospital campus for back taxes has been suspended by the state in favor of a bankruptcy filing brought last week by IASIS/Wadley Regional Medical Center, in Texarkana, as the primary secured creditor of the ... |