Frequently, taxpayers think that gifts of cash, securities or other assets they give to other individuals are tax deductible and, in turn, the gift recipient sometimes thinks income tax must be paid on the gift received. Nothing is further from the truth. To fully understand the ramifications of gifting, one needs to realize that gift tax laws are interrelated with estate tax laws, and Uncle Sam does not want you giving away your wealth before you pass away to avoid inheritance taxes.
Mortgage interest rates continue to be low, and home values are on the uptick. If you are considering a refinance, there are some important home mortgage interest rules you should be aware of.
2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your company’s tax liability in the new year.
Tax rates, both ordinary and capital gains, increased in 2013, and future years, for higher income taxpayers whose taxable income exceeds the income threshold for their filing status.
The information in this article is to explain how the Affordable Care Act will impact your pocketbook when the healthcare taxes kick in, and when the mandatory insurance requirement becomes effective. Here are the details for your 2013 tax return: