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Don’t Die Here – Estate tax surprises at state level
So you think you will avoid federal estate taxes? That may be so, but 21 states and the District of Columbia are also looking to tax your estate, your inheritance, or both. Where you live could make a big difference. Recently passed federal legislation increased the exemption amount before your estate pays taxes on your assets when you die. The amount for 2013 is $5.25 million. This makes most of our estates tax-free when we die. Or does it? Where you live could cost you a bundle in inheritance and estate taxies since 21 states have some form of estate
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Are My Social Security Benefits Taxable? – Don’t be surprised at tax time
The taxability of Social Security Benefits can be confusing. In fact the taxable nature of your benefits should include a discussion of benefit reductions when you decide to receive these benefits prior to your full retirement age. Here is what you need to know. When it comes to retirement many Americans believe they can count on their full Social Security benefits as a core element of income. You can imagine the surprise at tax-time when some of these same benefits are returned to the Federal Government in the form of benefit reduction and taxation. Here is what you need to
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