The federal estate tax exemption for Texans and all Americans in 2012 is $5.12 million for taxpayers filing as singles; up from $5 million in 2011. That exemption, however, is set to fall to $1 million in 2013, with the tax rate for estates to increase from 35 to 55 percent. Experts said that … [Read more...] about Exclusions on estate tax set to expire
IRS lien can hinder home sale
When the Internal Revenue Service places tax liens on homes in Texas and around the country, those liens could keep the homeowners from being able to sell their properties. It is an overly burdensome process designed to make sure people stay current on their taxes. A homeowner can have a tax lien … [Read more...] about IRS lien can hinder home sale
Texas tax agency owes refunds
The tax agency in Travis County, Texas, has kept millions of dollars that taxpayers overpaid and should have returned, according to a published report. Over the past three years, a variety of people and agencies from homeowners to developers have overpaid about $21 million in property taxes. The … [Read more...] about Texas tax agency owes refunds
Texas online shoppers to see tax added to purchase
Beginning in July, tax agencies in Texas will begin to collect tax revenues on sales made by the online retailer Amazon.com, meaning the tax will be passed on to Texans who order books and other merchandise on the company's website. Texas-based online retailers should be prepared to face tax bills … [Read more...] about Texas online shoppers to see tax added to purchase
IRS rule change could affect Texas banks
A change made by the Internal Revenue Service will alter the way the tax agency requires a reporting of interest payments, which could affect the depositors of Texas banks. Under the rule, which takes effect on Jan. 1, 2013, the IRS will mandate that interest paid to depositors who do not live in … [Read more...] about IRS rule change could affect Texas banks
Proposed bill could link taxes, passports
The power of the IRS may one day extend to Americans' summer vacations. Congress is pondering a proposal that, if approved, would keep Americans from getting a passport or revoking current passports if they owe $50,000 or more in back taxes. With the federal government desperate for revenue, members … [Read more...] about Proposed bill could link taxes, passports