Tag Archives: annual gift tax exclusion

Get to know these tax-saving terms

As you begin to think about scheduling your midyear tax planning appointment, refresh your memory on the meanings of terms that can save you money. Here are three. Exclusions are items that would generally be included on your return, but … Continue reading

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Use this annual exclusion by December 31

Under current federal tax law, in 2016, you can take advantage of an annual exclusion to give up to $14,000 to as many individuals as you want without paying gift tax. If you’re married and your spouse joins in the … Continue reading

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Ideas for helping your child buy a home

Are you looking for a way to help your child with buying a home? Some strategies you might consider include lending your child money, gifting under the annual gift tax exclusion, pledging securities, and equity sharing. Assuming you have enough … Continue reading

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Take time to review your estate plan

The “Taxpayer Relief Act” signed on January 2, 2013, permanently sets the estate and gift tax exemption at $5,000,000 and the top tax rate at 40%. The exemption amount is adjusted annually for inflation, which puts the 2012 exemption at … Continue reading

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Use adjusted tax numbers for 2012 planning

The IRS is required by law to adjust certain tax numbers each year. Here are some of the adjusted numbers you’ll need for your 2012 tax planning. STANDARD MILEAGE RATE for business driving remains at 55.5ยข a mile. Rate for … Continue reading

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