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How to Settle the Estate Taxes on a Small Business

Estate Taxes and Small Businesses

1.

Add up the total value of the properties of the deceased as described by the IRS. This is the value of the estate. If this value exceeds $2 million, then federal estate tax is due.

2.

Pay the taxes to the federal government within the designated nine months. This will include the small business.

Tips and Warnings

  • Check with your state government to see if additional state death or estate taxes are due at the time of your death.
  • Learn early if estate taxes will be due on your estate so you can insure yourself for enough money to cover the estate taxes for your inheritors.
  • Even a modest business could push you into the need to pay estate taxes.


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