Do you take advantage of the gift tax exclusions on your taxes? If you're not already aware of these IRS provisions, the chances are that you're not using them to their full effect. Doing so, though, benefits you in a variety of ways. Here's what you need to know.
What Are the Gift Tax Exclusions?
You may not realize that large gifts to individuals are subject to the federal gift tax, paid by the donor.
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- If you are just starting your adult life and want to begin by making wise financial decisions, you might want to visit an investment planner for some advice. Making wise financial decisions while you are young is helpful for your future, but it might also be confusing. Many young people do not even know where to begin when it comes to investing and planning for the future. If you have questions about this but want to handle it wisely, you should visit an investment planner.
- Are you starting to think about your retirement planning and are not sure where to begin? If so, you may want to schedule a visit with a retirement planner. Retirement planners help people like you create plans for their retirements, and they often focus on four primary principles. Here are the top four principles they may focus on when meeting with you. 1. Saving More Money Now The first principle is saving more money right now.
- Too many people walk around with very little money in their bank accounts and even less money in their retirement account. The future isn't looking too bright in that regard, as a lot of people will end up working well into their old age, not because they have their dream job, but because they have to. However, this doesn't have to be the case, because you can always choose to take the bull by the horns and get aggressive about your retirement savings if you so choose.
- If you've recently reached the half-century mark, you've probably got some savings, a 401(k), and at least some idea of where and how you want to live when the time comes to close your office door for the last time and say hello to the wonderful world of retirement. However, in order to get the most of your retirement years, it's essential to plan for them so that you can afford to have a decent quality of life.