• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Add more tax cheer to holiday gifts

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Q. I gave each of my adult children $10,000 before the holidays. Can I increase these amounts without paying gift tax? C.G., New Britain, Conn.

A. Yes. If it’s still 2012 when you’re reading this, you can give each child another $3,000 and still qualify for the maximum $13,000 annual gift tax exclusion. Even if you miss adding to your gifts for 2012, you can still take advantage of the gift tax exclusion anytime for 2013. Even better, the exclusion for 2013 has been raised to $14,000 per recipient. And there’s no limit on the number of family members you can bestow gifts upon.

Tip: Excess gifts may be sheltered by the lifetime gift tax exemption (scheduled to be $1 million in 2013).

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/34116/add-more-tax-cheer-to-holiday-gifts "

Leave a Comment