by Arthur Geffen | Nov 3, 2022 | Estate Tax
In tax year 2021, 2,584 American taxpayers paid $18.4 billion in estate taxes after allowable deductions and state death tax deductions, according to recently published federal estate tax data from the Internal Revenue Service. < p style=”margin: 0px 0px...
by Arthur Geffen | Oct 27, 2022 | Income Tax
The year is almost coming to a close. With the few months left in 2022, here are a few basic planning tips that can help you minimize taxes. It is recommended that you consult with a tax professional for more detailed and customized guidance. Make sure you paid enough...
by Arthur Geffen | Oct 20, 2022 | Estate Tax, Exclusion Estate Tax
Ultra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week. Starting in 2023, individuals can transfer up to $12.92 million to heirs, during life or at death, without triggering a federal estate-tax bill, up from $12.06...
by Arthur Geffen | Oct 18, 2022 | Child Tax Credit, Income Tax
More than 9 million individuals and families could be leaving money on the table by not filing a 2021 federal tax return, according to the IRS. Last week, the federal tax agency began sending letters to those people it had identified who could be missing out on...
by Arthur Geffen | Oct 12, 2022 | Estate Planning, Estate Tax, Gift Tax, Gifts
US Taxpayers enjoy a lifetime gift and estate tax exemption. This is the amount a person can transfer at death or during life without triggering a transfer tax. The exemption amount for 2023 is set to rise $860,000 to $12,920,000 per person ($25,840,000 per married...
