Don’t squander the tax gift exclusion. Taxpayers can give up to $15,000 to as many people as they wish in 2018, free of gift or estate tax, and get a new annual gift tax exclusion every year, so don’t let it go to waste. Taxpayers and their spouses can use their exemptions together to give […]
Client Tip: No Longer Tax Deductible
1. Personal exemptions You can no longer claim a deduction for yourself, your spouse or any of your dependents. Each personal exemption in 2017 provided a $4,050 tax deduction. For example, a family of four could deduct a total of $16,200 in addition to a standard deduction, itemized deductions and any adjustments to income. The […]