Annual Gift Tax and Estate Tax Exclusions Are Increasing in 2022

The amount you can gift to any one person on an annual basis without filing a gift tax return is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual. The IRS’s announcement that the annual gift exclusion will rise for calendar year 2022 means

Tax Planning

Rolled up U.S. Money

Summary of the SECURE Act and Retirement Savings: What You Should Know

The most significant change to estate planning law in 2019 was the passage of the SECURE Act in late December. The Act is intended to increase and encourage retirement savings. Benefits of the SECURE Act to Retirement Savings The Setting Every Community Up for Retirement Enhancement, or SECURE, Act, is meant to address the fact that many Americans do not

Tax Planning

Charitable Giving and Tax Benefits

Do you have a charity that is close to your heart? Maybe your church, your favorite animal shelter, or your alma mater. Consider including them in your estate plan and/or in lifetime gifts. If you don’t have a particular charity you want to support, but there is a cause that is important to you, like homelessness, animals, kids, education, arts,

Tax Planning

December 21, 2010

President Obama Signs Tax Bill

On Friday, December 17, President Obama signed tax legislation that extends the current income tax rates and capital gain rates for two years. Below are the income tax rate schedules. The capital gain rate will remain 15% for long term capital gains. Single Filing Status [Tax Rate Schedule X, Internal Revenue Code section 1(c)] 10% on income between $0 and

Tax Planning