Americans' wallets are in much better shape since the Great Recession. And with higher pay and steadier job security, tax breaks for homeowners can make the prospect of buying a home attractive. "Tax-wise, this is a good time to buy," said Yvette Best of tax preparation company Best Services Unlimited. "Homeownership offers tax breaks that renters do not have." For new homeowners, a house is an asset that can lower their tax liability. First-time homebuyers should be aware of the housing…
One of the primary estate planning concerns for most clients is estate taxes. Indeed, for most people, the main goal of their estate plan is to reduce or eliminate Texas estate tax, if at all possible. The federal estate tax rate is 40%, however, there is an estate tax exemption available. While Texas no longer [ ] The post Answers to Your Questions about the Estate Tax appeared first on Vermillion Law Firm LLC.
As part of the recent second special legislative session, the Washington state legislature made several changes to the Washington state estate tax, effective for persons dying after January 1, 2014. Other changes were designed to limit the impact of the Bracken decision, and will be discussed in a separate blog post.
If you sell one of these assets – such as vehicles, stocks, bonds, collectibles, jewelry, precious metals, or real estate – and you sell it at a gain, you’ll pay a capital gain tax rate on some of the proceeds. Capital gain rates can be just as high as regular income taxes. Therefore, it’s worth exploring every possible strategy to keep these taxes at a minimum.