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What Is the Inheritance Tax Rate?
As George Harrison of the Beatles famously wrote in his hit song "The Taxman," citizens seem to be taxed on everything, including death itself. Harrison's advice to be sure and "declare the pennies on your eyes" was obviously satire directed at the notoriously high levies in the United Kingdom. In the United States, we are not exempt from high taxes, although there is confusion about the difference between inheritance taxes and estate taxes.
What Is the Standard Deduction on Form 1040-SR?
Vision loss among the elderly is a serious problem – according to the American Academy of Family Physicians, one in three seniors over the age of 65 has some type of vision impairment. Macular degeneration, cataracts, glaucoma, and diabetic retinopathy are the most common causes of age-related vision loss.¹
What Is the Difference Between a 1099-MISC and 1099-NEC?
Tax time brings with it several different forms that must be filled out and filed to the IRS, typically by April 15. This year, the income tax deadline has been pushed to April 18, 2022 for most.
How To Report Stock Options, Wash Sales, and Cash in Lieu on Form 8949
If you read our blogs on a regular basis, you’ll know that we’ve authored several articles about Form 8949. The IRS’s website states that the form’s official purpose is to “reconcile amounts that were reported to you and the IRS on Form 1099-B or 1099-S.” With that in mind, we’ve written about Form 8949 in reference to capital gains tax reporting, as well as inherited property tax and opportunity zone deferrals.
Do You Pay Inheritance Tax on Life Insurance?
In this day and age, it seems as though just about everything is taxable. Income is taxable (both in the form of wages and dividends). So are capital gains when selling capital assets. Then there are estate taxes and state inheritance taxes.
What Is a 1099-S Tax Form and What Is It Used For?
The IRS uses the 1099 Form for taxpayers to report various miscellaneous income other than wages. These include contractor pay, rental income, and income from interest and dividends. However, the 1099-S is specifically used to report the proceeds from real estate transactions so that the taxpayer can accurately reflect gains or losses.
What is the Unlimited Marital Deduction?
In the United States, the federal government charges a tax when individuals give money or other items of value to others, whether during the givers’ lifetime or upon their death. These levies are gift and estate taxes, and sometimes inheritance taxes, and in some cases, they can be significant. While gifts to political or charitable organizations are not included in funds subject to gift taxes, many gifts given to other people can be. Here are some of the rules:
How to Fill Out IRS Form 8949 For The Sale of a Home
When selling a capital asset, the IRS requires you to fill out Form 8949. While you’ve probably sold plenty of capital assets, you may have never heard of Form 8949. That is likely because your accountant handles all of your tax filings or software fills in this form automatically for you. Either way, let’s go over what Form 8949 is all about.
What is a 1099-DIV Form and What is it Used For?
If you receive dividends from financial investments during the calendar year, you should receive an IRS Form 1099-DIV in the mail come tax season. The 1099-DIV is an IRS form that financial institutions use to report income from distributions and dividends to taxpayers.
What Is IRS Publication 530?
Filing federal taxes can be a complicated and stressful process. Homeowners may wonder if they qualify for tax deductions or other benefits that lower their tax liability.
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