2015 Tax Benefit Increases
The Internal Revenue Service recently issued Revenue Procedure 2014-61, which sets forth the annual adjustments to tax benefits for the 2015 tax year. Notably: • In 2015, the highest income tax rate of 39.6 percent is imposed on single individuals whose income exceeds $413,200 ($464,850 for married taxpayers filing a joint return), an increase from.. read more →
Annual Exclusion Gift Amount Increases in 2013
The tax law allows all individuals to make gifts to other persons on an annual basis free of gift tax and without the requirement to file a gift tax return. These gifts are known as annual exclusion gifts. In 2012, the annual exclusion gift limit is $13,000 for each gift made to a person. This.. read more →
Saving For College On A Tax Favored Basis: The 529 College Savings Plan
Kids grow-up fast. Before you know it, they are ready to embark on their college careers. Unfortunately, the cost of college tuition has escalated substantially over the last 20 years, placing a significant financial burden on parents, grandparents and students alike. I recently performed an informal survey to find out what some California colleges are.. read more →
2012 Is A Great Year To Make Gifts
The estate and gift tax law is constantly changing. In 2012, this law is very favorable for anyone inclined to make gifts to family members or friends. Generally, any transfer of cash or other assets that you make to another person without consideration during your lifetime is subject to gift tax and the requirement that.. read more →