Few taxpayers know much about the gift tax, but it can be an important part of your charitable efforts. What is it, and what should you know to prepare for it? Here's a short gift tax guide to help you avoid paying too much.
What is the Gift Tax?
The gift tax is a tax assessed by the IRS when you give money (or assets that are worth money) to anyone.
It is easy to hire estate sale organizers when you are planning to get rid of your own possessions. At an estate sale you are not only making some money, you are also putting good things to use. It is important to give these things you are auctioning real value and not get ripped off. After all, you have spent money on those things, and it doesn't matter if they are used or not.
Small business owners will be some of the taxpayers most affected by the tax law changes enacted for 2018. How will these new rules affect your business? Here are 5 key ways.
Business Tax Rates. Whether your business is a pass-through entity (generally a sole proprietorship, partnership or many LLCs) or a corporation, you will likely see lower tax rates. Individual tax rates have been adjusted to new tax brackets that should result in many people experiencing a lower overall tax burden.