On Tuesday, the IRS announced that it was extending the April 15 deadline for 2012 federal income tax by three months to those individuals who were affected by the bombing of the Boston Marathon.
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At the end of last year, California dealt another blow to state income tax payers. Many wealthy individuals who had seen personal income taxes rise are now paying another tax increase in the form of a retroactive tax aimed squarely at small business owners to the tune of over $120 million.
If you live in the state of Washington or have property located in Washington, you may be subject to the state’s estate tax. The Washington State Department of Revenue is responsible for collecting estate tax based on the applicable state laws. These estate tax laws have been in effect in their current form since May 17, 2005. (more…)
Minnesota is a state that still imposes an estate tax. The Minnesota Department of Revenue oversees the state laws governing estate for Minnesota. The current laws governing the size of an estate that is responsible for estate tax in Minnesota went into effect January 1, 2009. (more…)
Massachusetts is one of a few states that still impose an estate tax. The Massachusetts Department of Revenue defines the state laws governing estate for Massachusetts. The current laws related to estate tax in Massachusetts have been in place since January 1, 2006 and apply to those who died on or after that date.
Following is an overview of the current estate tax laws in effect for Massachusetts. For more information about federal income taxes, please visit our web site’s “Tax Relief” page. (more…)
Vermont is one of the few states that still imposes an estate tax. The Vermont Department of Taxes is responsible for administration of the estate tax laws in effect for Vermont. The current laws related to estate tax in Vermont have been in place since December 31, 2008 and apply to those who died during 20123.
Following is an overview of the current estate tax laws in effect for Vermont. For more information about federal income taxes, please visit our web site’s “Tax Relief” page. (more…)
Recent tax reports about the start of 2013 have focused largely on what has been called the “fiscal cliff”, when various spending measures and tax cuts expire on January 1. If these changes are allowed to occur, many are concerned about the impact the changes have on the economy.
The reduced spending is expected to result in lost jobs, especially in the defense industry. And the expiring tax cuts may mean families in every tax bracket will owe hundreds if not thousands more in taxes in 2013 than they had to pay in 2012.
However, there is also growing concern from big and small businesses about the impact on jobs the ObamaCare tax will have when it goes into effect on January 1. (more…)
Maine is one of the states that still imposes an estate tax. Maine Revenue Services within the Department of Administrative & Financial Services is responsible for administration of the estate tax laws in effect for the state. The laws related to estate tax in Maine have been in place since July 1, 1986. But for those who die during 2012, the estate tax calculation is based on the laws applicable during 2009. (more…)
Rhode Island is one of the few states that has an estate tax. The Department of Revenue in Rhode Island’s Division of Taxation is responsible for administration of the estate tax laws in effect for the state. The laws related to estate tax in Rhode Island have been updated effective January 1, 2010, 2011, and 2012.
Following is an overview of the current estate tax laws in effect for Rhode Island. If you are looking for information about federal income tax, please visit our web site’s “Tax Relief” page. (more…)
Starting on January 1, 2012, what was known as the Oregon Inheritance tax was renamed to the Oregon Estate Transfer Tax. The updated version of the Oregon estate tax applies to those who die on or after January 1, 2012. The Oregon Department of Revenue is responsible for overseeing and collecting Oregon estate tax. (more…)