Until Jan. 1, 2016, estates valued at over $2 million are subject to estate or inheritance tax in the state of Maine, states Nolo. The tax is levied directly on the estate, which includes the property of Maine residents and assets in Maine, such as real estate, that nonresidents own.
Pay your Pennsylvania inheritance tax when you file your inheritance tax return, or Form REV-1500, which is available on the Pennsylvania Department of Revenue website, according to Nolo. The form can be filled out online, but it must be printed and signed before filing. The executor or administrato
Taxes pay for a variety of public goods and services that include enforcement of civil order, construction of public infrastructure and reduction of government debt obligations. In 2013, the Internal Revenue Service collected about $2.8 trillion in taxes.
People pay taxes in order to facilitate the running of government with regard to payment of salaries and running of programs aimed at bringing development to the country. Payment of taxes is both a civic duty and a requirement of the law as articulated in the United States Constitution under the tax
The beneficiary must pay taxes on any income received from an inherited annuity. This tax is generally paid at the beneficiary's normal tax bracket, but large payout amounts can increase the beneficiary's income tax for that year.
Commercial and residential property owners in each of the 50 states are required to pay an annual real estate tax on their property, explains Scott Davis of Prager Metis Accountants. Individuals and businesses are assessed a personal property tax for vehicles and business equipment in most states as
The President of the United States is required to pay taxes. The president is paid a salary of $400,000 per year, and also has an expense account of $50,000 per year, a travel account of $100,000 per year and a $19,000 allowance for entertainment expenses.
Ways an individual can reduce his taxes include funding a health savings account, making contributions to a retirement account, home office deductions for the self-employed and making charitable donations, according to U.S. News & World Report.
The main reason for the institution of the gift tax is to prevent individuals from giving away their estates to a select group of people tax-free, reports Intuit. However, and in keeping with this rationale, small gifts are not taxable. In 2014, only gifts above $14,000 were considered taxable. An i
Personal property taxes are a way to help states raise revenue, according to TurboTax. Personal property tax isn't the same as the state and local taxes paid on real estate, but it might be added to those taxes. Depending on whether a taxpayer itemizes deductions on his federal tax return, there's a