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Understanding your taxes and preparing your returns can be enough of a hassle as it is, without having to pay for a professional tax adviser as well. And if you're reading this article, you're probably curious to know what exactly you're paying for. There are many things to learn to become an expert (this is why we have accountants), but the essentials actually are. And the more we know about them as adults the easier our finances become. As the old adage goes, taxes are a fact of life.
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Estate tax is collected by the federal government, while inheritance tax is state imposed.
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