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Tag: inheritance tax

Posts Tagged ‘inheritance tax’

New Tax Plan: Trump’s Six Big Changes

Posted by admin on May 23, 2017
Last modified: May 31, 2017

Is Trump’s new tax plan making filing simpler, or is it really just a helping hand for the wealthy?

We’re reminded daily of the new guy in town…or office. Whether that reminder comes from seeing his face on a t-shirt or a protester’s sign outside your office window is a different story. Let’s put the opinions aside for a moment, shall we? If all goes according to Trump’s proposal, many changes will be taking place in the tax world. Here’s a breakdown of Trump’s new tax plan.

There will only be three tax brackets.

(more…)

Estate Tax 2014

Posted by admin on March 12, 2013
Last modified: December 22, 2016

The Estate Tax is a tax on your right to transfer property at your death.

Despite the dysfunction and last minute deals surrounding the fiscal cliff, Congress actually came up with a pretty good solution, at least for the Estate Tax, in the American Taxpayer Relief Act passed in the early hours of 2013.

The federal estate tax exemption is set at $5,340,000 per person in 2014. Any amount given by an individual before and/or upon their death over this amount will incur federal gift or estate taxes.

A 40% tax rate then kicks in for the remainder of your estate above the threshold. (more…)