The annual gift exclusion amount is $15,000 for 2018 which is up from $14,000. You can gift $15,000 per person per calendar year without being required to file a gift tax return.
EFFECTIVE 01/01/2018: The IRS mileage rate for 2018 will be 54.5 cents per mile for business miles driven (up from 53.5 cents in 2017) 18 cents per mile driven for medical or moving purposes (up from 17 cents in 2017) 14 cents per mile driven in service of charitable organizations (currently fixed by Congress)
The New Year is here and your estate planning should be on the top of your “To Do” list. It is time to stop procrastinating. If you already have an estate plan, you should consider reviewing for changes. As you are aware, over time changes occur in your life, and those changes can have a far-reaching significance on your estate… READ MORE
Here are the tax items for tax year 2015 which you, the taxpayer, should know about: The tax rate of 39.6 percent affects singles whose income exceeds $413,200 ($464,850 for married taxpayers filing a joint return), up from $406,750 and $457,600, respectively. The other marginal rates – 10, 15, 25, 28, 33 and 35 percent – and the related income… READ MORE