Gifting can come with an unexpected tax bill. Learn how to avoid gift tax by following these 8 strategies, including giving within the annual exclusion limit, making charitable donations, setting up a trust, utilizing the unlimited marital deduction, taking advantage of the educational and medical exclusion, using 529 plans to save for college tuition costs, and paying directly for someone else’s expenses.
Tag: Charitable Donations
Who is the Highest Paid Actor in the World? An Exploration of the Wealth and Career of the Top Earner
This article explores who is the highest paid actor in the world and what makes them so successful. It looks into their career history, sources of income, and how they got to the top. It also compares the salaries of different actors and factors that contribute to a higher salary.
Who Pays Gift Tax? A Comprehensive Guide
Gift tax is a tax that is paid when someone transfers property to another. Learn more about who pays gift tax, how to calculate your liability, and strategies to minimize it.
