Estate Taxes in Round Rock, TX
If you’re the beneficiary of an estate and need help understanding the tax implications that come with it, turn to Anderson, Perrin & Rastogi Tax Services, LLC.. We’re well-versed in estate taxes and have extensive knowledge in how to navigate estate tax liabilities. We’re among the most knowledgeable firms for estate tax services in Round Rock, Cedar Park, and Georgetown, TX. If you’re facing inheritance or are listed as the beneficiary of an estate, consult with us to understand the tax implications specific to your situation.
What are Estate Taxes?
Estate taxes are the taxes paid on inheritance as the wealth of one person is passed to another. Sometimes called the “death tax,” it’s a scaling tax—the amount you owe in taxes depends on the amount of wealth being passed from one person to another. Typically, estates are taxed at 18-40%, depending on the amount inherited. The person receiving the inheritance is responsible for paying taxes on the estate.
Estate taxes are filed with your annual income tax return, using IRS Form 706. For more information, please see the IRS website’s page on estate taxes.
Do You Have Estate Tax Liabilities?
It might not always be clear to you whether you have estate tax liabilities or not. For example, spouses are exempt from estate tax on any Round Rock, TX property left to them, while the IRS exempts estates of less than $11.7 million (in 2021). To understand if you have estate tax liabilities, it’s important to consult with the experts at Anderson, Perrin & Rastogi Tax Services, LLC. We’ll help you understand any liabilities and plan for them accordingly.
Get Your Estate in Order
No one wants to get hit with a massive, unexpected tax bill because they don’t understand estate tax liabilities. If you’ve received a sizable inheritance or are the beneficiary of a large estate, contact us and schedule an appointment with Anderson, Perrin & Rastogi Tax Services, LLC. by calling 512-219-9669M. We’ll help you not only understand any liabilities—we’ll help you plan to minimize them accordingly.