The IRS does not restrict how many tax-free gifts can be given in a year’s time. So, if you have three children, you could give each child up to $17,000 in assets in 2023 without being taxed. The IRS also allows a lifetime gift tax exclusion. For 2023, the amount is $12.92 ...
Tax Rules for Giving or Getting Cash Rules and reporting requirements depend on whether the cash is income or a gift, how much money changes hands and if you're the giver or receiver. Maryalene LaPonsieJan. 6, 2025 12 Financial New Year's Resolutions ...
Hello I'm Jeremy from TurboTax with some information about the various types of federal taxes you may be responsible for. Most Americans are familiar with the federal income tax but did you know that there are many other types of federal taxes people pay each year? The income tax is by fa...
You can take an extra deduction if you are at least age 65 or legally blind by the end of the tax year. For tax year 2023, this "additional standard deduction" is $1,500 ($1,850 if filing as single or head of household) if you are 65 or olderorblind. The amount doubles if you...
Part of the Series Federal Income Tax Guide AJ_Watt / Getty Images The deadline for filing apersonal tax returnfor tax year 2024 is April 15, 2025, for most people. As in previous years, there are some tax changes to keep track of, such as inflation adjustments. Here's a rundown of...
An IRS offer in compromise can help you settle tax debt for less than you owe, but it's difficult to qualify for. Emily ShermanFeb. 18, 2025 Valentine's Day Average Spend The average couple is planning to spend around $200 this Valentine's Day, but there are less expensive ways to c...
There are key differences between non-taxable income and taxable income. Learn what types of income need to be reported to the IRS and which income is exempt from taxation. By distinguishing between the two types, you can make informed decisions to lower
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Your max tax refund is guaranteed. Start Your Return Welcome to the wonderful world of tax refunds, where the dollars you receive after filing taxes can either bring a smile to your face or leave you scratching your head. Taxes play a significant role in your financial life, and your annual...
With the gradual implementation of China's CRS, the tax transparency of global asset allocation will become higher and higher, and the overseas status of a tax haven country has become a wise choice for many investors to explore overseas business and mak