Did The Estate Tax Die? Quick, Go Get The Will!
Posted by Lisa Johnson CRTP / Friday, December 25, 2009 /
Bush Administration legislation, passed nine years ago, called for gradual raising of the estate ceiling while also lowering taxes 10% over ten years. Although the strange proviso that estate tax be eliminated completely for the year 2010, only to rise from the dead on Jan. 1, 2011 is confusing to many. Tax laws, like many other laws, appear completely arbitrary when viewed from the "end-user" perspective.
Estate planners have long joked that if you really love your heirs, 2010 would be the year to kick the bucket.
The House of Representatives has already said "no" to this proviso. In fact, they proposed codifying the estate tax into permanent IRS law as of New Years' Day 2010. However, since both houses of Congress are required to agree on such changes, and the Senate has already packed up and left, we will all have to wait until they all reconvene in January to see what happens.
Come January, experts say it's likely that the Senate will agree to re-instate the Federal estate tax - retroactive as of January 1, 2010. So there never will be a "good" tax time to die, except in the government's eyes.
Articles
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Planning Your Tax - Stop Donating Your Money to the IRS
There's a reason why author Abhyankar, a 25-year veteran of the U.S. finance and taxation industries, calls it "The Tax Game." With thousands of details, the Internal Revenue Code is a constantly-changing nightmare of deductions, penalties, and loopholes. As with any game, your knowledge of the rules will make or break you.
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Secrets of the IRS Tax Debt Collection Process
If you've received notification that you owe back taxes, you need to stop -
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Intentionally ignoring the IRS will result in Federal tax liens, asset seizures, lawsuits and judgments that will ruin you financially.
We all know someone (even if we don't know it!) who is unable to own a home or other substantial asset because of unpaid back taxes.
Sure, they may be physically comfortable where they are, but their inability to hold title is a serious roadblock holding them back from future security and wealth.
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The guidebook contains several easy-to-follow checklists for several common tax debt situations. You get the inside scoop on precisely what to say--and what to document--each time you contact the IRS.
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These invaluable tips will help you move your case forward. Most importantly, they will give you and your family peace of mind.
Helpful Hint: I checked the IRS website for the most recent versions of publications referenced in the guide. Although the guide's versions are 95% identical, there is new content in IRS Form 656, which explains the types of payment terms the IRS will accept. Be sure to download that free PDF file from www.irs.gov.

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