For tax purposes, gift givers, rather than gift recipients, have to account for and potentially pay the gift tax. But you won’t owe the gift tax until you have given […]
Tag: gift tax
The 2021 Gift Tax Return Deadline Is Almost Here, Too
April 18, 2022, is the deadline for filing your federal income tax return. Keep in mind that the gift tax return deadline is on the very same date. So, if […]
Why A Gifting Strategy Still Matters
The IRS recently announced next year’s cost-of-living adjustment amounts. For 2022, the federal gift and estate tax exemption has cracked the $12 million mark: $12.06 million to be exact. Arguably […]
Do You Need To File A Gift Tax Return?
It’s tax-filing season and you’re likely focused on your income or business tax returns. But don’t forget about another type of return. In 2020, if you made substantial gifts of […]
2021 Individual Taxes: Answers To Your Questions About Limits
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due […]