Unified Tax Credit

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DEFINITION of 'Unified Tax Credit'

A tax credit that is afforded to every man, woman and child in America by the IRS. This credit allows each person to gift a certain amount of their assets to other parties without having to pay gift, estate or generation-skipping transfer taxes.

BREAKING DOWN 'Unified Tax Credit'

The unified tax credit can be used by taxpayers either before or after death. It is important to keep up to date on it as the unified tax credit can change.

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RELATED FAQS
  1. What are the best free online calculators for calculating my taxable income?

    Free online calculators for determining your taxable income are located at Bankrate.com, TaxACT.com and Moneychimp.com. Determining ... Read Full Answer >>
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    It is possible for a company to qualify for a research and development tax credit for conducting research and development. ... Read Full Answer >>
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    Calculating personal income tax correctly involves understanding two important tax terms: adjusted gross income (AGI) and ... Read Full Answer >>
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