Browsing Tag tax deductions
INHERITANCE TAX – MOST MISUNDERSTOOD!
By Tom Martino at August 23, 2017 | 9:39 am | 0 Comment
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I find that inheritance tax or estate taxes are the most misunderstood concepts in the U.S. It is really very simple: Right now, all of us get to give away at death or during our lifetime a total of $5.5M without anyone paying any taxes on it. That's right $5.5M. So what about this $14K limit I heard about. Here's how that works: Notice I said you could give away up to more...
TAX DEDUCTIONS & CREDITS: KNOWING THE DIFFERENCE
By Tom Martino at October 30, 2014 | 10:49 am | 47 Comments
This may seem obvious to some but there is much confusion over the difference between a tax "deduction" and a tax "credit". A tax deduction gets subtracted from your taxable income, which in turn lowers your taxable income, which lowers your taxes. more...
