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Taxes

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As we continue the holiday season, and are in the spirit of gratitude, we would like to consider the gifts we give at the end of the year. Some gifts can be given tax-free and knowing the applicable tax exemptions before you give to loved ones and charities can be beneficial. Each year the IRS recognizes a gift tax exclusion. This is the amount an individual can gift to another person without incurring any tax. For 2020, the annual exclusion amount...

With the holidays fast approaching, giving is a topic on many minds, including considering what to gift to loved ones or finding a charity to donate to. Each year the IRS recognizes a gift tax exclusion. This is the amount an individual can gift to someone else or an entity without using any of their $11.4 million lifetime exemption amount, and without the necessity of filing a Form 709 Gift Tax Return. The annual gift tax exclusion amount for 2019 is $15,000. A spouse may join...