Tax Consultant

12/30/2023

11/21/2023

As part of wider transformation changes, is accelerating its paperless processing efforts. See what this means for you: https://ow.ly/hQF350Q7T0Y

08/11/2023

08/08/2023

2023 IRS National Tax Forum, Ga***rd National, Maryland

04/29/2023

04/29/2023

Who pays inheritance tax if I don’t leave anything to my kids?
Inheritance tax in New Jersey can be confusing, but we're here to help. People often ask who has to pay it and who it applies to.

Inheritance tax is a tax on property given from someone who has died (the decedent) to someone else (the beneficiary). The tax depends on WHO gets the assets and how much they receive.

When a person dies, their assets are given to beneficiaries. This can include your children or other people. New Jersey may tax this transfer, based on factors like:

The relationship between the beneficiaries and the decedent;

The value of the assets and debts at the time of the decedent's death;

The types of assets the decedent had;

If the decedent was a New Jersey resident when they died.

Beneficiaries are put into different categories depending on their relationship with the decedent:

Class A: Spouses, parents, children, and grandchildren don't pay inheritance tax.

Class C: Siblings and in-laws pay tax after certain exemptions.

Class D: Nieces, nephews, aunts, uncles, friends, and non-relatives pay inheritance tax.

Class E: Charitable organizations don't pay inheritance tax.

The location of beneficiaries doesn't affect inheritance tax. But the decedent's residence does matter.

Inheritance tax in New Jersey is split into two categories: resident and non-resident, based on where the decedent lived when they died. For residents, the tax applies to all assets, no matter where they are. For non-residents, only assets in New Jersey are taxed.

It's important to consider inheritance tax when planning your estate. This can help prevent confusion and conflict for your loved ones after you're gone

01/04/2023

The IRS tax deadline for 2023 is going to be Tuesday, April 18.

Filing will open long before then, though, most likely on January 23, 2023, for online filers.