Estate tax returns for the legal assistant

Cover of: Estate tax returns for the legal assistant |

Published by MCLE in Boston, MA .

Written in English

Read online


  • Decedents" estates -- Taxation -- Massachusetts.,
  • Decedents" estates -- Taxation -- United States.,
  • Tax returns -- Massachusetts.,
  • Tax returns -- United States.,
  • Legal assistants -- Massachusetts.,
  • Legal assistants -- United States.

Edition Notes

Book details

Statementcosponsored by the Massachusetts Paralegal Association ; Ellen A. Petersen ... [et al.].
ContributionsPetersen, Ellen A., Massachusetts Continuing Legal Education, Inc. (1982- ), Massachusetts Paralegal Association.
The Physical Object
Paginationxvi, 296 p. :
Number of Pages296
ID Numbers
Open LibraryOL16597978M
LC Control Number93080222

Download Estate tax returns for the legal assistant

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A deceased person’s estate is a separate legal entity for federal income tax purposes. If you’re the executor of someone’s estate, you may need to file an income tax return for the estate, as well as a final personal income tax return for the deceased person. Income tax vs. estate tax.

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The tax on Jack's estate is $9, after credits. The net value of the items included as income in respect of the decedent is $15, ($20, − $5,). The estate tax determined without including the $15, in the taxable estate is $4, after credits.

The estate tax that qualifies for the deduction is $4, ($9, − $4,). Form must generally be filed and any tax due must be paid within nine months of the decedent's date of death.

An automatic six-month extension of time to file is granted to estates that file IRS Formthe Application for Extension of Time to File a Return and/or Pay U.S.

Estate (and Generation-Skipping Transfer) Taxes. Learn about General Estate Tax Law Questions in the Estate Tax Law Articles, FAQs, and Videos. is the top destination for small business and consumer legal questions and advice.

Many people worry about estate taxes -- the taxes your estate pays after you die. However, currently very few estates end up paying estate taxes because the federal estate taxes only apply to the very rich, and most states don't have estate taxes.

So unless your estate is larger than $11 million, or you live in one of the few states where estate taxes affect more modest estates, you. Determined if estate and gift tax returns are being appropriately prioritized for possible examination.

Obtained and reviewed a judgmental sample1 of current estate tax returns that were prioritized and were awaiting assignment for examination. A judgmental sample was used since we did not plan on projecting the results to the population.

The Interactive Tax Assistant (ITA) is a tool that provides answers to a number of tax law questions. It can determine if a type of income is taxable, if you're eligible to claim certain credits, and if you can deduct expenses on your tax return.

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The estate tax is a transfer tax on the value of the decedent's estate before distribution to any beneficiary. For estates of decedents dying in or after, the applicable exclusion amount is $1, Future changes to the federal estate tax law have no impact on the Massachusetts estate tax.

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Self Assessment tax returns - deadlines, who must send a tax return, penalties, corrections, paying your tax bill and returns for someone who has died. Income Tax Returns-Finally, annual tax returns will need to be filed by a foreigner holding U.S.

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The remaining balance over a certain threshold, referred to as the estate tax exemption, is taxed at a percentage of value. An estate valued at $10, more than the federal estate tax exemption is taxed at a rate of 18%, while an estate that exceeds the exemption amount by $1 million or more is taxed at 40%.

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