Laws regarding estate and gift tax are regarded to be some of the most complex within the IRS code. Failure to properly file can derail the estate planning efforts and are cumbersome to correct. The experts at Nichols Accounting specialize in estate planning and estate tax and gift tax law.
The estate tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death.
As we prepare your estate tax return, we’ll help you answer questions such as:
- What is included in the estate?
- What deductions are available to reduce the estate tax?
- What about the value of my family business or farm?
- How does portability work?
- How do I determine “Fair market value”?
If you give someone money or property during your life, you may be subject to federal gift tax.
We’ll help you answer common questions such as:
- Who pays the gift tax?
- What is considered a gift?
- May I deduct gifts on my annual tax returns?
- How can we gift property, or shares of a business?