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Gifts

Shift income to take advantage of the 0% long-term capital gains rate

Leave a Comment / (GST) Generation-Skipping Transfer Tax Consequences, (LTCG) Net Long-Term Capital Gain, Federal Taxes, Gifts, Investment Income Tax (NIIT), Kiddie Tax, Modified Adjusted Gross Income (MAGI) /

Are you thinking about making financial gifts to loved ones? Would you also like to reduce your capital gains tax? If so, consider giving appreciated stock instead of cash. You might be able to eliminate all federal tax liability on the appreciation — or at least significantly reduce it. Leveraging lower rates Investors generally are subject to […]

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What you need to know about deducting business gifts

Leave a Comment / Business Deductions, Business Meals and Entertainment, Gifts, Holiday gifts /

Thoughtful business gifts are a great way to show appreciation to customers and employees. They can also deliver tax benefits when handled correctly. Unfortunately, the IRS limits most business gift deductions to $25 per person per year, a cap that hasn’t changed since 1962. Still, with careful planning and good recordkeeping, you may be able

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When do valuable gifts to charity require an appraisal?

Charitable Contributions, Charitable Donations, Deductions, Gifts, Itemized Deduction, Tax Deduction /

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in

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Giving gifts and throwing parties can help show gratitude and provide tax breaks

de mimimis Fringe Benefits, Fringe Benefits For Employees, Gifts, Holiday gifts /

The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good time to review the tax rules associated with these expenses. Are they tax deductible by your business and is the value taxable to

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Year-end giving to charity or loved ones

Charitable, Charitable Organizations, Donations, Gifts, IRA, Qualified Charitable Distribution (QCD), Year End Planning /

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity In 2022, in order to receive a charitable donation write-off, you must

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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 /

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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Did you give to charity in 2021? Make sure you have substantiation

(COVIDTRA) Covid Tax Relief, 2021 Tax Return, Charitable, Donations, Federal Income Tax, Gifts, Tax Deduction, Tax Return /

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements. To prove a charitable

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Good records are the key to tax deductions and trouble-free IRS audits

Business Audit, Business Deductions, Business Expenses, Business Income Tax, Business Meals and Entertainment, Business Travel Deductions, Deductions, Documentation, Gifts, Income Tax, Internal Revenue Service (IRS), Small Business, Tax Deduction, Tax Record Retention /

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you

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Can you deduct charitable gifts on your tax return?

Charitable, Deductable Expenses, Deductions, Gifts, Individual Income Tax, Internal Revenue Service (IRS), Tax Cuts and Job Acts (TCJA) /

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple of years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity.

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Holiday parties and gifts can help show your appreciation and provide tax breaks

Business Deductions, Business Meals and Entertainment, Employees, Gifts, Holiday gifts /

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your

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