Archived Posts: tuition

Tax Tips for January 2025

Tax Tips for January 2025

by | Jan 1, 2025 |

Click on the links below to jump to each section in this article: Married Filing Separately: When It May Make Sense A Better Way to Help with Tuition Business Mileage Rate Is Up for 2025   Married Filing Separately: When It May Make Sense Filing joint tax returns generally results in the lowest tax bill for married couples. However, in some circumstances, they may pay less taxes if they file separately, such as when one spouse has large medical expenses. Medical expenses are deductible...

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Tips to Help You Figure Out if Your Gift is Taxable

Tips to Help You Figure Out if Your Gift is Taxable

by | Jun 15, 2021 |

If you've given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually does not apply until the value of the gifts you give that person exceeds the annual exclusion for the year. In 2021, you can give any amount up to $15,000 per person per year with no gift tax liability. However, gifts exceeding that...

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