A Brief History of Estate Taxes
Federal estate taxes have been a source of funding for the federal government almost since the U.S. was founded. In 1797, Congress instituted a system of federal stamps that were required on all wills offered for probate when property (land, homes) was transferred from one generation to the next. The…
How Year-End Legislation May Affect Tax Season
In late 2020, Congress passed the Consolidated Appropriations Act, which included many tax provisions and extenders as well as additional COVID-19 stimulus relief. For example, the ability to deduct up to $300 in charitable contributions if the taxpayer doesn’t itemize has been extended for an additional year. The business meal…
More Tax Considerations For 2019
According to IRS estimates, taxpayers collectively pay about 82 percent of taxes they legitimately owe. This amounts to about $458 billion annually in lost taxes, based on data from 2008 to 2010.1 Of course, we do not recommend strategies to avoid legitimate tax liabilities. However, it is important to stay…