Monday, January 04, 2010

Questions for the Tax Lady: January 4th, 2010

Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!

Question #1: I keep hearing that there will be no estate tax in 2010, but what will happen come 2011?

As I explained in this blog entry a few weeks ago, starting on January 1, 2011 the estate tax will return even more aggressive than before. Unless legislation is passed in the next year, the tax would resume with a 55% rate on all estates valued at more than $1 million, which would revert the estate tax back to levels seen in the early 1990’s.

Question #2: How do I change the address the IRS has on file for me after moving to a new state?

Generally, you should not worry about officially notifying the IRS about a recent move. If you are changing jobs then the IRS will automatically update your records once your employers files your new IRS Form W2. Otherwise, next time you file a tax return make sure to list your current address. The IRS will see the change, and automatically update their records.

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