Earned Income Tax Credit (EITC) Information

How to Pay Zero Taxes by Jeff A. Schnepper

Fully updated to include all the latest tax law changes, How to Pay Zero Taxes outlines the easiest, most practical strategies you can use to lower your taxes this year, next year, and beyond. From converting personal expenses into business expenses to avoiding or surviving an IRS audit, Jeff Schnepper's guide comprehensively covers more deductions than any other tax book, all conveniently organized in six fast-access categories: exclusions, credits, “above-the-line” deductions, “below-the-line” deductions, traditional tax shelters, and supertax shelters.

Jeff A. Schnepper is the author of several books on finance and taxation, including How to Pay Zero Estate Taxes and all twenty-four previous editions of How to Pay Zero Taxes. He is a financial, tax, and legal advisor to the Transamerica sales force and runs a full-time accounting and legal practice in Cherry Hill, New Jersey. Mr. Schnepper is Microsoft's MSN MONEY tax expert, an economics editor for USA Today and is tax counsel for Haran, Watson & Company.

     

Earned Income Tax Credit (EITC) Information - Inheritance Tax

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Earned Income Tax Credit (EITC) Information * Inheritance Tax

What Is An Inheritance Tax And When Is It Applied?   
Gray Rollins

When an individual passes, on the federal government imposes an estate tax.

This estate tax only applies to estate properties that are over one million fifty thousand dollars. The federal government is still likely to tax an estate even if all or a portion of the estate is being handed down to other family members. Instead of imposing an estate tax in this situation, there many states that impose an inheritance tax.

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New York Mayor Bloomberg Presses For Tax On Soda (Reuters Via Yahoo! News)
New York City Mayor Michael Bloomberg urged state legislators to levy a tax on soda, saying the money raised would help plug the state's shortfalls in health care and education funding.

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An inheritance tax is also commonly referred to as a death tax because it is a tax that is imposed on all estate money and property after an estate owner passes away and leaves their estate or a portion of their estate to another person. States that currently collect a tax on inherited estate money or property are Connecticut, Maryland, Massachusetts, New Jersey, Nebraska, Pennsylvania, Oregon, New York, Indiana, Kansas, Louisiana, Kentucky, and Iowa. Since each state is likely to tax their residents differently, individuals need to research the inheritance tax laws in their state or hire the services of a professional tax attorney. There are also many state governments who regularly update their inheritance tax guidelines, and many states are even considering completely dropping the inheritance tax. This is why it is important for taxpayers or their tax attorneys to keep up-to-date on the latest inheritance tax information.


When the federal government imposes an estate tax the amount of taxes owed generally comes from some of the estate money left behind or the sale of estate property. The state taxing process of money or property that was inherited is a little bit different. States that have an inheritance tax require that the individual who receives the inheritance file and pay any taxes due on the money or property they inherited. This money does not come directly from an estate because it comes from the individual who received the inheritance. http://www.taxhelpdirectory.com/federaltax/

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Rally To Push For Hike To Georgia Cigarette Tax (AP Via Yahoo! Finance)
Anti-smoking advocates say they know a way to help fill Georgia's $1 billion budget shortfall: hike the tax on cigarettes by $1.

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As previously mentioned, different states have different rules, guidelines, and restrictions surrounding an inheritance tax; however, there are several common circumstances that many states all consider. When an individual who has passed on leaves money or property to a close family member, the inheritance tax is likely to be lower than if the property was given to a friend or distant family member. Most states consider a close family member a mother, father, brother, sister, daughter, son, or spouse.


Individuals who are required to report an inheritance and pay a tax on it are required to fill out the necessary state forms. These forms can be obtained by contacting one of the state taxation offices. The phone numbers for these state offices can generally be found by doing an Internet search or by using the contact information from your last state tax return. It is also possible that the inheritance tax forms can be downloaded from the Internet. The majority of states that impose an inheritance tax have a tax website that may have a downloadable copy of the forms that can be printed, completed, and mailed in.


As with estate taxes and traditional state income taxes, there are a number of inheritance tax deductions that can lower the amount of tax money that an individual may owe on their inheritance. To determine these deductions individuals preparing their own inheritance gift tax forms are encouraged to fully read the form instruction booklet to determine what these exemptions are and if they qualify for them.


Gray Rollins is a featured writer for the TaxHelpDirectory.com. To learn more about the inheritance tax, and estate taxes, please visit our site.

What Other Authors say about Taxes

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To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
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Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
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Index of Articles about Taxes

What Other Authors say about Taxes

Getting Tax Help From The IRS by Carl LaFresnaye

They say that the only things certain in life are death and taxes. Since we are all faced with filing our taxes year after year, it is pretty unavoidable. If you can afford to have a Certified Public...

Use Child Tax Credit for Tax Savings by Keith Hoyng

Now, here's a real tax savings to the individual taxpayer with dependents. The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal...

Deciding when to File a Tax Return? by Keith Hoyng

April 15th - "The Day of Reckoning"! Every year, millions of Americans get ready to pay taxes to Uncle Sam, or get ready to collect a tax refund from Uncle Sam; when did this become the great day that...

Checking The Status Of Your Federal Tax Refund by Carl LaFresnaye

You've completed your taxes and were delighted to discover you will get a tax refund! Regardless of whether it is large or small, you want it – and you want it now! You can start planning how you will...

A History of the Income Tax in the U.S. by Garry Gamber

After the United States declared its independence and fought the Revolutionary War, the U.S. Congress relied on excise taxes on alcohol, tobacco and a few other products for revenue to pay off its war...