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in Beatrice: (402) 223-4071
in Fairbury: (402) 729-3368

Lepant Law Office

Taxation

Our Office specializes in helping our clients with their taxation needs. Your situation is unique and should be carefully considered and examined by an expert. Below is a brief summary of some of the areas we can help you with:

 

  • Federal Estate Tax: Federal estate tax is a tax that is paid to the Federal Government based on your net worth at your death. Currently only those with a net worth of five million dollars or more are required to pay this tax. The tax rates start at 35% and increase with the size of the estate.

 

  • Federal & State Income Tax: Every year by April 15, citizens of the United States are expected to file their income taxes. Some citizens are not required to file taxes based on individual circumstances.

 

  • Nebraska Inheritance Tax: Nebraska Inheritance Tax is paid by every Nebraska citizen based on the size of their estate. The calculations are complicated based on the degree of kinship of the person receiving the property. In most cases, this tax is small. The revenue from it goes to the county in which the decedent lived to be used for roads.

 

  • Capital Gains Tax: This is a tax paid on the sale of property owned by the decedent. Between both federal and state, the tax amounts to about 25% of the gain. The gain is calculated by subtracting the price paid for the property from the amount received from the sale.

 

  • Income Tax: Both Probate Estates and Trust Estates must pay income tax on any money earned by the estate while it is open.

 

  • Offer & Compromise: An Offer & Compromise is a negotiation tool with the Internal Revenue Service that allows you to significantly reduce past tax liability. Let us help you prepare a Form 433-A Offer & Compromise so you can get caught up with the government.

 

 

 
Lepant Law Office, PC, LLO in Beatrice, NE
Schwab & Lepant in Fairbury, NE