Federal Gift Tax – DougFreemanCPA.com

Planning for the future: 5 business succession options and their tax implications

Captial Gains, Closely Held Corporations, Employees, ESOP Employee Stock Ownership Plan, Estate Planning, Estate Tax, Federal Estate Tax, Federal Gift Tax, Federal Taxes, Gift and Estate Tax, Small Business, Small Business Owners, Succession Plans, Taxes and Tips, Trust / Douglas Freeman

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different […]

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How inflation will affect your 2024 and 2025 tax bills

401K, 403 (b), Business Deductions, Deductions, Federal Gift Tax, Federal Tax Deductions, Federal Taxes, FSA, Inflation, IRA, Stand Deduction Will Increase in Slightly In 2025, Taxes 2025 / Douglas Freeman

Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next year’s inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you? A

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

Estate Planning, Estate Tax, Federal Gift Tax, Gift and Estate Tax, Gift Tax, Tax Savings / Douglas Freeman

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

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Answers to your questions about 2023 limits on individual taxes

2022 Tax Return, 401K, Domestic Workers, Federal Gift Tax, Federal Tax Deductions, FICA, Gift and Estate Tax, Inflation, IRA, Itemized Deduction, Tax Deduction / Douglas Freeman

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). However, it’s a good time to familiarize yourself with tax amounts that may have

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How inflation will affect your 2022 and 2023 tax bills

Deductions, Federal Gift Tax, Federal Tax Deductions, Federal Taxes, Flexable Spending Accounts, Income Tax, Individual Income Tax, Inflation, Medical Deductions, Retirement / Douglas Freeman

The effects of inflation are all around. You’re probably paying more for gas, food, health care, and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights. Standard deduction.

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

Federal Gift Tax, Gift Tax, Gifts, Year End Planning / Douglas Freeman

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. The exclusion covers gifts that an individual makes to

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

Capital Gains, Estate Planning, Estate Tax, Federal Gift Tax, Federal Income Tax, Gift and Estate Tax, Gift Tax, Income Tax / Douglas Freeman

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

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Take advantage of a “stepped-up basis” when you inherit property

Estate Planning, Estate Tax, Federal Gift Tax, Gift Tax, Real Estate, Tax, Tax Deduction, Tax Planning / Douglas Freeman

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules. Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So,

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Take advantage of the gift tax exclusion rules

Federal Gift Tax, Gift and Estate Tax, Gift Tax, Gifts, Securities, Tax Planning, Tax Savings / Douglas Freeman

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For

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The 2018 gift tax return deadline is almost here

2018 Tax Return, 529 Saving Plan, Charitable, Federal Gift Tax, Gift and Estate Tax, Gift Tax, Gifts, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Planning / Douglas Freeman

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 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements. Generally, you must file a gift tax return for 2018

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