The Tax Cuts and Jobs Act raised the lifetime exclusion limits for estate and gift taxes from roughly $5.5 million per individual to over $11 million. Also, the annual gift tax exemption was raised to $15,000 for individuals & $30,000 per couple. If the gift exceeds the annual exemption, the amount is applied against the
Adapting your retirement strategy (and outlook) may be necessary. Involuntary retirement can be emotionally and financially unsettling. Here are some questions to ask yourself if it happens. Do you want to keep working? You may have to rely on your spouse or partner’s income—or your emergency fund—for many months if you look for another full-time
If you have a large estate with adjusted gross value coming to a minimum of $5.34 million starting 2014, a big chunk of it will be gobbled by the federal estate taxes. Although there is no state inheritance tax in Arizona, any trusts and estates exceeding state exemption will result in you paying income taxes.
Almost every financial decision you make has an effect on your taxes and, ultimately, your bottom line. Here are some things that can reduce your tax liability. Ways to Reduce Your Taxes Tax credits Tax deductions Eliminate tax penalties Choose correct filing status Timing of income collection Timing purchases and other expenditures Timing of buying