The 2023 standard deduction increased to $13,850 from $12,950 for single filers and to $27,700 from $25,900 for married ...

The IRS has increased the 2026 annual gift tax exclusion to $19,000 per recipient, or $38,000 for couples using gift splitting, alongside a lifetime estate and gift tax exemption of $13.99 million.

Rules and reporting requirements depend on whether the cash is income or a gift, how much money changes hands and if you're ...

WASHINGTON, DC - APRIL 07: A small sign indicates the headquarters of the Internal Revenue Service on April 07, 2023 in Washington, DC. In the area of gift taxes, one of the fundamental principles in ...

Want to get on someone’s good side? Help them out financially? Or, perhaps, just make them really happy? Give ‘em a gift! (Cash is always nice.) But if you’re in a gift-giving mood, and you have a lot ...

New tax changes for 2025 announced by the IRS may affect tax liabilities for families. The refundable portion of the child tax credit will be $1,700, unchanged from 2024. Other changes to the earned ...

As the holidays approach, many of us start thinking about meaningful ways to bless the lives of those we love. A wrapped present is thoughtful, but a well-planned financial gift can have an impact ...

Our gift tax calculator estimates how much of your annual and lifetime exclusions will be used up by your gift, and whether you'll have to pay any taxes on it. Many, or all, of the products featured ...

Clients are often interested in gifting to their loved ones not only to benefit the recipient of the gift, but also to reduce the donor’s taxable estate for estate tax purposes. Every taxpayer can ...