As a quick primer on gift taxes, you can give up to $16,000 per year to each recipient in 2022, tax-free. That limit applies individually, so married couples can give up to $32,000 per year to each of their adult children with no gift taxes. And if your child is married, you c...
Helping adult children buy a larger home might make it easier for you to visit the grandkids more often. Or the gift might enable the family to buy in a better neighborhood with better schools, helping the grandkids get ahead in life. You also know that your help frees up cash for the...
Inflation is making back-to-school shopping particularly expensive. Here’s how to cut costs by using a good rewards card on special sales tax-free days.
South Korea was not involved in the initial armistice that brought the Korean War to a halt in 1953), thus paving the way for a “transformative peace” that would
You can't transfer stocks as a gift like you can with a custodial account, and the child will need to have earned income to get started, but it's one way to avoid the kiddie tax issue (and the account grows tax-free). Track your finances all in one place Find ways to invest more...
Note: The content of this article applies only to 2010. It is included here for reference only. Did your family inherit an estate in 2010? If so, you have a rare opportunity: You can opt to use either the 2010 or 2011 tax rules. For inheritors of large e
or to give. Ultimately, “The Opposite of Spoiled” is something of a manifesto for parents about how to introduce money conversations to children as a means to teach good values, which means it is a book that could easily become a great gift for every client who is a parent likely strug...
Child Tax Credit Changes The American Rescue Plan raised the maximum Child Tax Credit in 2021 to $3,600 for qualifying children under the age of 6 and to $3,000 per child for qualifying children ages 6 through 17. Before 2021, the credit was worth up to $2,000 per eligible child,...
from a married couple.5This strategy, known asgift splitting, enables wealthy couples to give substantial annual gifts to children, grandchildren, and others. This gift can be in addition to tuition paid directly to a grandchild’s school or college, exempted outright from the gift tax.2 ...
If you do choose to give your kids an allowance, you can use it to help them set age-appropriate savings goals, like a new toy, gift for someone, or donation to a cause. Guide them through the process of planning andbudgeting.