When a wealthy celebrity dies, news reports might mention the estate tax that is levied against the assets afterward. The estate tax is often nicknamed the "death tax" because it only comes into force following a death, but it's not actually a tax on death. What is the estate tax? Who is required to pay it? Does the IRS offer any estate tax deductions?
Are you expecting a large tax refund this year? Congratulations, you'll be receiving tax-free money that you can use however you like! If you want to be smart with your taxes and finances, though, you'll need to learn how to invest your tax refund. While using the funds for a luxury item such as a television or a new wardrobe might be tempting, using your tax refund as an investment will pay off in the long run.
The capital gains tax is an income tax levied on profits from sales of capital assets. However, if you're subject to the capital gains tax, your effective tax rate can be as low as zero or as high as 20 percent. What is the capital gains tax? Which assets are subject to the tax? How is the tax rate calculated? Here's a primer on what the capital gains tax involves.
All of the taxes citizens pay can be grouped into two categories: direct taxes and indirect taxes. Which taxes are direct taxes? Which are indirect taxes? What is the difference between a direct tax and an indirect tax? Here is an overview of direct taxes versus indirect taxes and which fees fall into each category.
On some tax forms, you may notice the term "excise tax." What is an excise tax? Who has to pay an excise tax? Where does an excise tax come from? Does it have any effect on your income tax return? Here is a quick primer on what excise taxes are and how they work.
Are you unprepared for this tax season? If the filing deadline approaches and you haven't begun your forms yet, you may be considering filing a tax extension. While requesting an income tax extension can offer a few advantages, it may also carry a few drawbacks. Here are a few things to know before filing a tax extension.
As the tax filing deadline approaches, it's natural to wonder if you've missed any important aspects of preparing your income tax return. Even if you're close to April 15, there are still a few last-minute things to do before filing your taxes. You might be in a hurry to get your refund, but it's always better to make sure that you've dotted all your i's and crossed all of your t's before you send your taxes to the IRS.
Are you filing your very first income tax return this year? If so, you may be feeling a tad nervous about your first experience with the IRS. The good news is that filing your taxes for the first time doesn't have to be frightening. Here are a few pointers to keep in mind as you get started on your tax forms.
technology has made it easier than ever to store tax records securely. The key is understanding what your tax record storage options are and which ones are the best for your particular situation. With some storage options, you'll be able to keep your information protected, even if your home or computer suffers serious damage.
Do you think that you might owe additional taxes to the IRS? Have you wondered about how you can settle a back tax debt? Well, in some cases, it may actually be a good idea to call the IRS and inquire about your situation. Here are a few tips for contacting the IRS and settling your tax bill.
