Business / Taxes / Estate Tax: Your estate owes federal estate tax on the value of your taxable estate if the estate is larger than the amount you are permitted to leave to your heirs tax free. That amount, which is set by Congress, is $2 million for 2006, 2007, and 2008 and is scheduled to increase to $3.5 million in 2009. Under current law, the estate tax will be eliminated in 2010. Without further Congressional action, the tax will be reinstated in 2011 at 2002 levels. However, modifications may be made before that date. If your estate may be vulnerable to these taxes, which are figured at a higher rate than income taxes, you may want to reduce its value. You could do this by using a number of tax planning strategies, including making nontaxable gifts and creating irrevocable trusts. Further, if you're married to a US citizen and leave your entire estate to your spouse, there are no estate taxes, no matter how much the estate is worth. However, estate taxes may be due when your surviving spouse dies. You may also face estate taxes in your state.
Estate Noun Synonyms: property, holdings, domain, demesne, land, landed estate, manor, mansion
Tax Adjective Synonyms: levy, impost, duty, tariff, assessment, tribute, toll, excise, customs, charge, contribution, scot, tithe, octroi, cess, rate(s), dues
Tax Noun Synonyms: assess, exact, demand, charge, impose or levy a tax (on), tithe
Business / Real Estate / Tax Levy: The amount to be raised from the general real estate tax is then imposed on property owners through a tax levy. A tax levy is the formal action taken to impose the tax, usually a vote of the taxing di MORE
Business / Taxes / Real Property Tax: A real property tax is a local tax on the value of real estate. The property may be assessed at full value, which is presumably the price that the owner could sell it for in the current market, or usi MORE