Taxes

Estate Taxes Will Continue To Be An Issue

by RobRoy on 17 January 2009 - 5:24pm

A recent article in the Wall Street Journal provided an in depth look at the history of the development of the estate tax in the U.S. as it currently stands.  Although the Republican and Democrat supporters of the repeal of the federal estate tax had managed to pass a law phasing out and ultimately repealing the estate tax, their efforts seem to nevertheless be on the rocks today with the incoming Obama administration and decidedly fiscally liberal majority in congress. 

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New $13,000 Annual Gift Tax Exclusion

by RobRoy on 24 November 2008 - 5:30pm

The IRS recently announced that the annual gift tax exclusion amount will increase from $12,000 to $13,000 beginning Jan. 1, 2009.  This means that every individual can give away up to $13,000 per person, per year without having to file a gift tax return. For example, you could make a gift of $13,000 to each of your three children and to each of their spouses for a total of $78,000 per year (or two times that amount for married couples).  There is no limit to how many individuals you may make gifts to.

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