Taxable Gifts

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

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 […]

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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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