Cutting the IRS Out of Your Gifts
Gift TaxArticle Highlights:
Gift Tax Rule
Annual Exemption
Lifetime Exemption
Medical and Tuition Exemptions
Gift Splitting
Gifts of Property
If you are financially well off, you may want to gift money or property to family members…
Employee Holiday Gifts May Be Taxable
2020 Tax Laws, Gift Tax, Holidays, Tax Planning, TaxesArticle Highlights:
De Minimis Fringe Benefits
Cash Gifts
Gift Certificates
Group Meals
FICA and Wage Withholding
It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently…
Transferring a Primary Residence to Children
2020 Tax Laws, Financial Planning, Gift Tax, Inheritance, Tax TipsFrom the FI Tax Guy
How do you pass your family’s house to your children? It’s a pressing question and involves significant tax, legal, and emotional considerations. Unfortunately, it is a topic about which there is much confusion.
This…
Holiday Gifting with a Tax Twist
Gift Tax, HolidaysSome holiday gifts you provide to members of your family, employees, and others may also yield tax benefits. Here are some examples:
Employee Gifts – It is common practice this time of year for employers to give employees gifts. Although…
Donor Advised Funds Provide Tax Benefits
Charity, Gift Tax, Non-Profits, Tax Planning, Tax TipsIf you would like to make a substantial tax-deductible charitable donation this year, but have the ability to spread the actual distribution of funds to specific charities over a number of years, a donor-advised fund (DAF) may fill that need.…
Gift Tax Treatment of Tuition Plans
College, Education, Gift TaxQualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable when withdrawn if used to pay qualified…
Gift and Estate Tax Primer
Accounting, Estate Planning, Gift Tax, Savings, Tax Planning, TaxesThe tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep individuals from using gifts to avoid the estate tax that is imposed upon inherited assets. This…
Will Gifts Now Using the Temporarily Increased Gift-Estate Exclusion Harm Estates after 2025?
2018 Tax Laws, Estate Planning, Gift TaxIndividuals with large estates generally want to gift portions of their estate to beneficiaries while they are still living, to avoid or lessen the estate tax when they pass away. That can be done through annual gifts (up to the inflation-adjusted…
Holiday Gifts with Tax Benefits
Gift Tax, HolidaysSome holiday gifts you provide to members of your family, employees and others may also yield tax benefits. Here are some examples:
Electric Car Credit – If you purchase an electric car as a holiday gift for your spouse or even…
Taxpayers Find Gift Tax Reporting Confusing
2018 Tax Laws, Gift Tax, Tax Tips, TaxesGift taxes were created to prevent wealthy taxpayers from transferring their estates to their beneficiaries via gifts and thus avoid estate taxes when they pass away. But that does not mean only wealthy taxpayers need to be concerned with the…