The year is coming to a close, and now is the time to take advantage of some tax saving opportunities including giving to family members or donating to charity.
Gifts under annual exclusion – under current law, single taxpayers can give up to $14,000 to any donee without being subject to gift taxes, a married couple can give up to $28,000. This annual exclusion applies to individual donees, so you can make a tax-free gift of $14,000 to any number of individuals without being subject to gift taxes.
Educational and Medical Payments – making payments directly to an educational institution for a …read more
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