Priortax 9.0 10 1669 877-289-7580 contact@priortax.com File your current 2018 and prior year federal and state returns going back through 2005 Priortax Logo $ 10 Terrace Ave 11001 Floral Park, New York,

Tag: estate tax

Posts Tagged ‘estate tax’

7 Important Life Changes That Impact Your Taxes

Posted by Manisha Hansraj on August 6, 2019
Last modified: October 23, 2019

life changes and taxes

With life, situations change and they come with certain tax implications.

One year makes a difference. From getting married, transitioning into a new job to having your own bundle of joy, your tax situation changes as well.

Here are some examples.

1. Tying the knot

Getting married is a big step in everyone’s lives. Along with getting married, you now are able to file jointly which should lower your tax rate. For the 2018 tax year, your standard deduction is now $24,000. With that in mind, don’t forget to update your allowances (Form W-4) at your job. (more…)

Estate Tax 2014

Posted by admin on March 12, 2013
Last modified: December 22, 2016

The Estate Tax is a tax on your right to transfer property at your death.

Despite the dysfunction and last minute deals surrounding the fiscal cliff, Congress actually came up with a pretty good solution, at least for the Estate Tax, in the American Taxpayer Relief Act passed in the early hours of 2013.

The federal estate tax exemption is set at $5,340,000 per person in 2014. Any amount given by an individual before and/or upon their death over this amount will incur federal gift or estate taxes.

A 40% tax rate then kicks in for the remainder of your estate above the threshold. (more…)