WHAT TAX KNOW-HOW RELATED ARTICLES ARE ABOUT!
Tax Know-How Articles deal with any and all taxes that affect your. These are income tax, gift tax, estate tax, and tax on investments. Even how Social Security is taxed too - and affected by working. Here is where you'll get how the tax works in each of these situations.  Some tax-related articles my occur in Social Security and other categories, so keep reviewing them all for the information you need.

TAX KNOW-HOW RELATED aRTICLES BELOW

Your Probated Estate versus Federal Estate – What’s the Difference?
One of the concerns that estate planning addresses is the problem of probate. This is your state’s legal process of settling a decedent's affairs supervised by your local probate court in your county. It’s a public, time-consuming, and often costly process...read more

The Generation Skipping Tax - A Loophole Cover of Estate and Gift Taxes
The generation-skipping (transfer) tax (GST) taxes anything you directly leave or gift to a person two or more generations below you – typically your grandchildren. Why it’s there and its 2011, 2012 taxation rates are what this article addresses...read more

What Makes Up Your Taxable Estate?
If you have many millions in your estate, estate taxes can rob a chunk of it from your beneficiaries. But this tax is imposed on your net estate value. That’s the value of your estate after you’ve taken allowable deductions from your gross estate. What makes up your gross estate is the value of all property in which you have any interest at your death plus some gift items you made within 3 years of death. This article overviews the deductions you can take...read more

Take Charge of Your Tax Matters Using the IRS Website
In this age of exploding internet information, the Internal Revenue Service wants you to know how you can take charge of your income tax using its website at www.irs.gov. Here are 9 ways you can use it if you have a computer with internet access...read more

Most Tax Rates and Breaks Remain the Same for 2011 and 2012
The 2010 Tax Relief Act has set the tax rates and breaks for 2011 and 2012. Personal income tax rates and investment rates will remain unchanged. Seniors will see a charitable tax break for their IRA holdings. Here’s the detail…read more

Estate Tax for 2010, 2011 and 2012 Is Finally Settled
Finalization of our estate, gift and generation skipping tax took place on Dec. 17, 2010 when the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was enacted. Its provisions settle our death-related taxes from 2010 to the end of 2012 – but not beyond that.  Here are the provisions…read more

Estate Tax – A Moving Target
Right now – during 2010 – you can die and there’ll be no estate tax on your property. This result was built into the law back in 2001. At that time it was the consensus that the estate tax should be phased out and 2010 was the year it would be gone... read more

2010 Estate Tax Alert – Retroactively Imposed is Unconstitutional 
For 10 years the estate tax was set in law to be abolished in 2010. If congress didn’t act to keep it abolished or modify it for 2011 and beyond, then the 2011 estate tax would just revert to that of 2000. Now congress is considering retroactively imposing an estate tax for 2010 later in 2010...read more

Even Less Reason in 2010 to Withdraw From Your Tax-Deferred Accounts
During your retirement, you’re often advised to live off your taxable accounts first before using your tax-deferred accounts. That’s because withdrawing from your tax-deferred accounts will tax you more whereas keeping them untouched allows them to grow faster than your taxable accounts...read more

No Stepped-Up Basis for Estate Inheritors of Those Dying in 2010
Up until 2010, property owned by a decedent at the time of death of his death had its tax basis changed from what the decedent’s basis was to its fair market value – whichever was higher. For the year 2010 – and only that year – the law has been changed to ‘whatever is lower’...read more

Estate Taxes Can Bite You Bad after the Year of Kevorkian
The estate tax is the government’s last bite out of you when you die. It’s a tax on the value of your estate at your death. And it can be a big bite. You better read on....read more

Gift Taxes – What, When, How Much, and Exclusions
When you transfer your wealth by gifting or dying, the federal government wants part of ‘the action’. Active giving can trigger a federal gift tax whereas dying triggers the federal estate tax too. Both are paid when you die out of your estate....read more

Your Home Carries a Huge Capital Gains Exclusion Benefit
Home ownership carries a couple of major tax-benefits. One is the deductibility of your interest portion of your mortgage payments. The other is that much of your gains can be excluded when you sell your home.  Let’s take a look at the latter to show you the conditions under which you can reap ‘tax-free’ so much of the equity increase of you home...read more

How Much Income Tax Are the Feds Really Taking from You?
If you’re trying to save money, you ought to know how much the federal government is taking from what you earn. Most people just don’t know. Finding out will show you why it’s hard to get ahead...read more 

How Taxation Rules Your Investment Options
You grow your savings so to use them later. Outside of contributing they grow according to how you invest them. Government’s taxation plays an important part in how you choose what to invest in and how to hold that investment...read more

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