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Gray Rollins's Articles in Estate Planning

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Sales Tax: What It Is And How It Is Imposed? A sales tax is a tax that is placed on the purchases of goods or services. The federal government does not have a national sales tax. Qualifying products or services are only taxable by a particular state government. Each state has the ability to impose their own sales tax rate. At the current time Oregon, New Hampshire, Montana, Hawaii, and Delaware are the only states that do not impose a state sales tax. It is possible for different counties inside these states to impo... What Is An Inheritance Tax And When Is It Applied? When an individual passes, on the federal government imposes an estate tax. This estate tax only applies to estate properties that are over one million fifty thousand dollars. The federal government is still likely to tax an estate even if all or a portion of the estate is being handed down to other family members. Instead of imposing an estate tax in this situation, there many states that impose an inheritance tax. An inheritance tax is also commonly referred to as a dea... How The Gift Tax Works Each year millions of Americans give a gift to other individuals that they know. Gifts can be considered anything from a new vehicle, to a trip, to a piece of land. A gift tax is a tax that is imposed when an individual gives away a certain amount of gifts that are considered valuable. According the Internal Revenue Service (IRS), an individual who gives a gift or a combination of gifts to one person that is valued at over eleven thousand dollars must pay a gift tax. The ... Estate Tax: What It Is And How It Is Filed According to the Internal Revenue Service (IRS), an Estate Tax is a tax that is imposed on your right to transfer your property and belongings after your death. The individual who is in charge of handing and filing an Estate Tax return is often the estate representative. An estate representative can be a family attorney or a family member who was declared the executor of an estate in a will. When dealing with an Estate Tax, there are number of things that an individual or fam...

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