Jacksonville Unified Tax Attorney
When it comes to paying taxes, tax deductions and credits help to reduce the amount you owe the IRS. Considering how complicated the tax code is, many people are unaware of tax credits available or how they apply in their situation. As a licensed attorney, Certified Public Accountant, and former Special Agent for the FBI investigating tax cases, Ronald Cutler, P.A. has been helping guiding clients in saving money on their tax returns for more than 50 years.
The unified tax credit is something everyone is entitled to and applicable in different situations. To get trusted legal guidance on using this credit to reduce your tax debt, reach out to our experienced Jacksonville unified tax attorneys today.
The Unified Tax Credit and Estate Planning
The Unified Tax Credit gets its name because it is a combined credit that can save you money on either gift or estate taxes. In terms of estate planning, the Florida Probate Code requires estate administrators to file a final tax return for the estate before making distributions to heirs. If the overall amount of estate is $11 million dollars or more, estate taxes must be paid. This is at a rate of 40 percent, which is on top of other taxes that were likely paid over the years.
This can take a huge chunk out of any inheritances you receive or from funds for loved ones or your favorite charities. As an experienced Florida tax attorney and certified public accountant, Ronald Culter can advise you on how to use the unified tax credit to reduce the amount of estate taxes owed by making yearly financial gifts. The credit allows the overall lifetime amount of these gifts to be deducted from your final tax returns.
How The Unified Tax Credit Can Helps
Even if the total amount of your assets do not trigger estate tax laws, the unified tax credit can still benefit you. On the gift tax side, it can help when giving money to others, such as family members, friends, or certain businesses.
Under Internal Revenue Service (IRS) guidelines, there is a limit on how much you are allowed to freely give each year. In 2020, this limit is $15,000. If you give over this amount, you may have to disclose it to the IRS and pay gift taxes at tax rates ranging from 14 to 40 percent. Payments for medical care and education are generally exempt.
As an experienced Jacksonville unified tax attorney, Ronald Culter can advise you on how this credit can benefit you in cases such as when you help a friend or family member buy a house, make investments, start a business, or in other situations. By taking advantage of the Unified Tax Credit, we can help to reduce the yearly tax burden you face.
Contact Us Today for Professional Help
To discuss unified taxes and credits available to save you and your loved ones money, reach out to Ronald Cutler, P.A. Call or contact our Jacksonville tax attorneys online and request a free consultation today.
