Maximize your year-end giving with gifts that offer tax benefits

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Maximize your year-end giving with gifts that offer tax benefits

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October 22, 2024 ,

annual gift tax

As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without incurring gift taxes or requiring a gift tax return. Taking advantage of this rule can help you reduce the size of your taxable estate while benefiting your family and friends.

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Get ready for the 2023 gift tax return deadline

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February 13, 2024 , , ,

gift tax return

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required.

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Plan now for year-end gifts with the gift tax annual exclusion

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September 6, 2023 , ,

annual gift tax

Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000.

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The 2022 gift tax return deadline is coming up soon

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March 14, 2023

2022 Gift Tax

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway.

Continue Reading: The 2022 gift tax return deadline is coming up soon

Tax-saving ways to help pay for college — once your child starts attending

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January 17, 2023 , , ,

college tax breaks

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also a number of tax breaks that you may be able to claim once your child begins attending college or post-secondary school.

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Plan now to make tax-smart year-end gifts to loved ones

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October 18, 2022 , ,

gift tax

Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion.
The exclusion amount is adjusted for inflation annually, and for 2022, the amount is $16,000.

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Don’t forget income taxes when planning your estate

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September 20, 2022 ,

estate tax

As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

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Your estate plan: Don’t forget about income tax planning

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June 14, 2022 , ,

Estate tax

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

Continue Reading: Your estate plan: Don’t forget about income tax planning

Are you ready for the 2021 gift tax return deadline?

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February 22, 2022 ,

gift tax

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway.

Continue Reading: Are you ready for the 2021 gift tax return deadline?