Subscribe
Blog Editors
- Editor
- Editor
- Editor
- Editor
- Editor
- Editor
- Editor
- Editor
- Editor
- Editor
- Editor
- Editor
Topics
Archives
How many times have you prepared your income tax returns for the previous year, only wishing you knew then what you know now, so you could go back and make more advantageous tax decisions? In most cases, you are stuck with the decisions you made before the new tax year began, even though you may not have all the relevant tax information available to assist with those decisions until several months into the new tax year. Too bad for you, says the IRS, unless you are an estate or trust.
Now that the new year has arrived, it is a good time to catch up on the latest tax rates for estate and trust income tax brackets and exemption amounts for estate, gift and generation-skipping transfer (GST) taxes in 2021. The Internal Revenue Service adjusts these figures annually for cost-of-living increases.
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for February 2021. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.