Christmas in July: Federal Gift Tax
The Federal Gift Tax and You What is the gift tax? Do I owe a gift tax? Do I need to report all gifts to the IRS? There are certain amounts and ways to give gifts tax free to your descendants and friends both during your life and through a properly arranged Estate Plan. What’s important is to learn the rules, set up a clear Estate Plan with Gary (858-549-8600) and make sure your loved ones and finances are all squared away. What is the federal gift tax? The gift tax is a federal tax that applies to all the gifts you make in a lifetime. Lucky for most, unless you live in Connecticut or...
Read MoreTax Day Freebies 2014
The dreaded day is upon us! Happy Tax Day 2014. To celebrate, or give you a much needed break from the stress, enjoy our list of tax day freebies. 1. Arby’s- Free snack sized curly fry. Go to arbys.com to print the coupon. 2. Sprinkles Cupcakes- BOGO free cupcakes, whisper “tax free” to the cashier at checkout. 3. Boston Market- Much better than a 1040 form, check out the “Tax Day Deal Chicken Meal.” $10.40 for two half chicken individual meals. No coupon necessary. 4. Schlotskys- One free “The Original” sandwich with the purchase of chips and a 32...
Read MoreUse It or Lose It: Get These Tax Breaks Before They Expire
Tax Breaks! The Join Commission of Taxation published a list of 55 federal tax provisions that are set to expire this year a.k.a. tax breaks. Here are a few of those that may apply to you as an individual or business taxpayer. State Sales Tax Deduction. Applicable to residents of states without an individual income tax. Tuition and Fees Deduction. This allows up to a $4000 deduction for qualifying postsecondary education expenses. Check with your tax professional for details but this generally is available to couples filing jointly who make under $160,000. Make sure to pay Spring 2014...
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