Tax Tips & News: estate Tax

Same-Sex Couples Face Tax Hurdles

3 minutes read

This past June, New York became the 6th state to legalize same sex marriage. Regardless of ones individual beliefs concerning same-sex marriage, this much is clear: Tax laws–which are already complex & confusing–are that much more baffling for same-sex couples. This is mainly due to the fact that the Federal Government does not recognize same-sex unions. Same-sex couples must file separate federal returns, however they can file jointly in New York State and some other states that recognize...

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Tax Benefits Increase for 2012

4 minutes read

Even in the face of severe federal & state deficits, many tax benefits are due to raise for tax year 2012 (calendar year 2013).  By law, tax provisions are required to keep pace with inflation.  The new dollar amounts affecting most taxpayers are:

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Don’t Run Afoul of the Gift Tax. –

1 minute read

Current law allows a person to give someone up to $13,000 per year without having to file a Gift Tax return, Form 709. There is usually no tax due, the giver pays any tax, at the time but the form allows the IRS to keep track of gifts made in a person’s lifetime. Upon a persons death all reportable gifts will be used in the calculation of the Estate Tax, Form 706. Under current Federal law a person is allowed a $5,000,000 estate, tax free and the gifts reported on Form 709 will count towards...

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Death Tax

1 minute read

Even in death there are tax consequences.   In addition to the federal taxes associated with death or estate taxes there are additional state taxes as well.

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Estate Taxes: A Time to Give and Save

3 minutes read

Estate planning is about organizing your assets which can prevent family fights and make sure that your well earned monies do not go to the government after death.  Estate planning can be complex involving various legal documents; but now is the time to take advantage of record tax savings and discuss the options with your Tax Consultant, Financial Advisor and Attorney.

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“Death Tax” Expires, Extra Tax Planning Required

7 minutes read

The only certainties in life are Death & Taxes as the old saying goes.  But thanks to the inaction of Congress, wealthy taxpayers have one less tax to pay in 2010.  On the surface this should be a good thing, but unfortunately, it’s not that simple…

Tax planners across the country were certain that Congress would extend the Estate Tax–also known as the “Death Tax”–which was set to expire this year. The House acted, but the Senate did not. So for the first time since 1916 there is no estate tax,...

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