Shore Income Taxes

Tax law provides a special benefit that allows a surviving spouse to make what is called a portability election. The portability election essentially allows the surviving spouse to add their deceased spouse's unused estate tax exclusion to their own. The question is whether to make the election or not.

Portability of Unused Estate Tax Exclusion When an individual dies, the value of that individual’s estate is subject to estate taxation, which is currently 40% of the individual’s taxable estate. However, there is a lifetime exclusion (exemption) to the estate tax, which for 2022 is $12.06 million. The lifetime exclusion can also be used...

Tap into your full potential. Wednesday Wisdom from Green Tax and Business Advisors LLC

Pre-planning your retirement is important because the actual money you have to spend when you retire depends upon the after-tax sources of your retirement income. Thus it is important to understand how the various retirement vehicles are taxed. There is significant diversity in taxation since a retiree must consider both Federal and state taxes on retirement income.

Will Your Planned Retirement Income Be Enough after Taxes? That is an important question because the actual money you have to spend when you retire depends upon the after-tax sources of your retirement income. Thus it is important to understand how the various retirement vehicles are taxed.