Posts Tagged ‘Sports’

Married Couples Beat The Estate Tax

November 23rd, 2022

Next to the Alternative Minimum Tax, the Estate Tax is one of the more brutal taxes we have. If you are married, you can get around it.

When planning your estate with your husband or wife, there are key points to keep in mind. Luckily, the IRS has gone a long way in ensuring that the estate of individuals is able to be dealt with after death. While discussing the future, you and your spouse should look into the various federal estate marital tax deductions. Under this tax law, after the death of the first spouse, expenses and interest related to the estate inherited by the surviving spouse is deducted from the passed spouse’s estate. Simply, this prevents the survivor from being taxed an unfair amount.

This helpful tax tool can be made useful in many ways. Depending upon the way your will is set up, this deduction can save the survivor much burden and cost. If following the rules and complying with requirements completely, this can prevent the surviving spouse from being liable for the deceased’s tax liabilities. This gives the surviving spouse the ability to take his or her time in making important decisions for the left estate. It also gives the surviving partner the money that may be necessary to sustain life standards.

When making arrangements for imminent death, there are several ways to transfer the estate into the surviving spouse’s name. You can either transfer by will or transfer by trust. If you transfer by will, it will be an outright transfer of the estate. While this is the most common way to handle estate transfers, it can also get a bit messier. The survivor will have complete control of the estate and outright ownership responsibilities. Although this sounds preferable, it also means that the surviving spouse will typically end up assuming pressures of maintaining and selling the estate.

Free Tax Calculator – What Can it Help You With?

April 13th, 2022

Calculating taxes isn’t really a fun job, and there are no two ways about it. There are many technical issues that need to be taken into consideration when making these calculations. Today however you have the opportunity to make use of a free tax calculator to get you through the process of calculating all your different taxes.

Amongst the different types of tax tools that you will be able to find on the internet is the withholding calculator. This incredibly easy to use tool makes it simple to keep a check on the amount you are withholding and the impact that it will have on your tax amounts. In the real world, it is quite tricky to manage this, but the calculator makes things extremely simple.

The Earned Income Credit Assistant is another free tax calculator that helps users determine whether or not they are eligible for EIC when they will be filing their taxes. Things like your marital status, number of children and income level are things that are taken into consideration while using this tool.

The Alternative Minimum Tax Assistant is yet another brilliant tool that you can use to determine your responsibility with regards to AMT. The tool will give you an approximate answer in a matter of 5-10 minutes.

Another form of the free tax calculator is the paycheck calculator. Many times payroll offices make serious mistakes. Using this calculator you can easily determine whether the “take home” pay you are being offered by your employers is accurate after all the necessary deductions have been made.

As you can see the different types of calculators help you in different ways. Some of these tools are available for free on the internet whereas for others you might have to pay a small amount of registration fee.