Act Now to Leverage the Gift Tax Exclusion Before Year End
The gift tax exclusion is among the most valuable tools available to transfer assets to family and other loved ones without ending up with an unwelcome tax bill for the givers or recipients. Year end often is a busy time for gifting, as taxpayers move to take...
IRS Delays $600 Form 1099-K Reporting Threshold
Businesses and individuals concerned about the confusing 1099-K reporting requirements can breathe a sigh of relief: On November 21, 2023, the IRS announced that the deadline for the new $600 reporting threshold will not go into effect for the 2023 tax year — and it...
Tips for Reducing the Impact of NIIT
The net investment income tax (NIIT) was enacted more than a decade ago. While repeal has been discussed more than once, it continues to ensnare a growing number of taxpayers. If you are at risk for this additional tax, there may be some options to reduce your odds of...
7 Tax Breaks for Parents
It is challenging and expensive to be a parent. The average annual cost of raising a child in the United States is $21,681, after factoring in tax exemptions and credits, according to a 2023 study published by Lending Tree. That is an increase of roughly 19% from 2016...