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Tax

I owe back taxes, and the IRS took this year’s tax refund. Can the IRS
do this?
The IRS can garnish a refund if the IRS previously sent notice to the taxpayer of its intention to start tax collection procedures, including garnishment of salary or tax return. The notice usually advises the taxpayer to pay the tax liability or contact the IRS to make payment arrangements. The IRS usually garnishes the return of the taxpayer who does not respond to this notice.

I’m the custodial parent, but my former spouse is claiming the child on his/her income tax as well. Am I going to get in trouble?
Your former spouse is not entitled to an exemption unless the divorce court order specifically designated him/her as the party entitled to claim the child on his/her return. Payment of child support does not automatically entitle a former spouse to claim children as dependents for income tax deduction purposes. If both divorced parents claim a child on his/her respective tax return, the IRS traditionally sends a letter to both parties asking the party who is not entitled to the deduction to file an amended return, and specifically instructs the party entitled to the dependent to not respond to the IRS letter. If neither party responds, the IRS usually requests both parents submit documents proving their respective positions. The custodial parent needs to timely respond and request a meeting with an assigned IRS agent to submit the required documents.

Back to Areas of Law

How much can I give my child/grandchild/friend each year as a gift? Do I have pay taxes on it?
A parent can give as much as he/she desires; however, up to $10,000 per year per donee (person receiving the gift) per parent/grandparent may be gifted tax-free.

What is the minimum value for an estate to be subject to federal estate taxes?
Under the Tax Relief Act of 1997, the applicable credit amount exempt from transfer tax is currently $675,000; the applicable credit amount is scheduled to increase over the next few years, with credit amounts eventually reaching $1,000,000 in 2006. That portion of the estate exceeding the applicable credit amount is currently taxed federally at graduated rates ranging from 18%-55% pursuant to Section 2502(a) of the IRS Code.

Is there a personal or corporate income tax in Florida?
There is no personal income tax in Florida. However, there is an intangible personal property tax, not to be confused with a personal income tax. There is a corporate income tax in Florida.