Business Advisory and Accounting Partners’ Post

🎁 Maximize Your Year-End Giving! 🎁 As the year wraps up, consider giving cash gifts that offer real tax benefits! 🤑 By gifting to family and friends before December 31, you can reduce your taxable estate while spreading generosity. Here’s how: ✨ 2024 Annual Exclusion: You can gift up to $18,000 per person tax-free. Married? Gift splitting lets you double it to $36,000 per recipient! 💑💸 👨👩👧👦 Example: A couple with three married kids could transfer $216,000 tax-free to their children & their spouses. ❗ Gifting over the exclusion amount? We can handle the gift tax return for you and answer any questions. 📲 Reach out to plan your giving strategy today! 💰🎉 #YearEndPlanning #TaxFreeGifts #GenerosityAndSavings #EstatePlanning #TaxStrategy #FamilyFinances #GiftSmart #FinancialFreedom #BusinessAdvisory

🌟 24 Estate Planning Tips for 2024 🌟 Tip #22: Leverage Annual Gift Tax Exclusion The IRS has increased the annual gift tax exclusion to $18,000 per recipient for 2024, up from $17,000 in 2023. This means you can gift $18,000 to as many individuals as you like without incurring gift tax or affecting your lifetime estate and gift tax exemption. For married couples, this amount doubles to $36,000 per recipient if gifts are split correctly. This adjustment, reflecting inflationary updates, is a fantastic opportunity to reduce your taxable estate while supporting loved ones financially. Don’t miss this chance to maximize your estate planning benefits before the year ends! 📞 Call to schedule: 816-601-1234 🌐 Book online: www.completelawkc.com 🔔 Stay tuned for more tips throughout the year to help you make the best decisions for your future! #EstatePlanning #CharitableGiving #LegacyOfGiving #TaxSavings #Philanthropy #LeaveALegacy #TaxAdvantages #PlanAhead #CompleteLawKC

If there’s a wedding or civil partnership coming up in your family next year, you can make a tax-free cash gift to help pay for the wedding or honeymoon. And there’s another tax benefit too – gifts to pay for weddings or civil partnerships are exempt from IHT*. That’s in addition to the £3,000 annual gift allowance exemption. If you were planning to help with the costs anyway, this is a really effective tax-smart gift from Santa. *You can give away up to £5,000 to a child or £2,500 to a grandchild who’s getting married. . . . . . . . . #giftgiving #taxsmart #betaxsmart #wedding #christmasgift #financialadvice #smartfinances

💸 Understanding Gift Tax: Key Points for Tax-Smart Giving 🎁 As the season of giving approaches, it's the perfect time to make the most of tax-smart gifting strategies. Here’s a quick overview to help you stay informed: 1. Who Pays the Tax? The donor is responsible for any gift tax, not the recipient. This tax is applied to gifts exceeding the annual exclusion amount ($18,000 per recipient for 2024). 2. Annual & Lifetime Exclusions Annual Exclusion: Allows $18,000 per recipient per year (indexed for inflation). Lifetime Exclusion: Up to $13.61 million for 2024, which applies to both gift and estate taxes. 3. Tax-Free Gifts ✨ Direct payments for tuition or medical expenses, gifts to a U.S. citizen spouse, qualified charitable organizations, and political organizations are exempt from gift tax. 4. Spousal Gifting Advantage 💑 Couples can “split” gifts, enabling them to double the exclusion amount per recipient. Knowing these rules can help you leverage gifting as a powerful tool in your financial and estate planning strategy! #GiftTax #FinancialPlanning #EstatePlanning #WealthManagement #TaxStrategy #CharitableGiving #EstateTax #TaxExclusions #FinancialLiteracy #TaxPlanning #LegacyPlanning This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the ­purpose of ­avoiding any ­federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented, nor any opinion expressed constitutes a solicitation for the ­purchase or sale of any security.

If there’s a wedding or civil partnership coming up in your family next year, you can make a tax-free cash gift to help pay for the wedding or honeymoon. And there’s another tax benefit too – gifts to pay for weddings or civil partnerships are exempt from IHT*. That’s in addition to the £3,000 annual gift allowance exemption. If you were planning to help with the costs anyway, this is a really effective tax-smart gift from Santa. *You can give away up to £5,000 to a child or £2,500 to a grandchild who’s getting married. . . . . . . . . #giftgiving #taxsmart #betaxsmart #wedding #christmasgift #financialadvice #smartfinances

I never release attorney-client communications, but this year, I made an exception to share thoughts from a special client with relatable concerns… Dear Mr. Kundani, I had a question about gift taxes and got your contact info from the Tooth Fairy. She advised me to reach out to you. The elves are concerned that all the toys I’m giving away could trigger gift taxes for the kids. I told them, “Relax, it’s Christmas!” But now I’m second-guessing myself. Are the toys I’m gifting considered taxable gifts? Please advise before Mrs. Claus decides to cut the toy budget. Sincerely, Santa Claus Dear Santa, Rest assured, the IRS does not tax the joy of Christmas—yet. Gifts are taxed to the donor, not the recipient. That means if anyone pays a gift tax, it’s YOU. And as long as you don’t gift more than $18,000 this year to any one child, there’s no gift tax for you and no reporting. If none of the billions of children on your list is receiving a life-sized Ferrari sleigh, you’re in the clear. Ho, ho, hope that helps! PS - It goes up to $19,000 in January, in case you're late on some gifts!! ;) Yours taxfully, Lalit Kundani https://lnkd.in/gt69NPQu #gifttax #taxes #taxablegift #donor #recipient #annuallimit #lifetimelimit #estatetax #estateplanning #lawfirm #attorney

I never release attorney-client communications, but this year, I made an exception to share thoughts from a special client with relatable concerns… Dear Mr. Kundani, I had a question about gift taxes and got your contact info from the Tooth Fairy. She advised me to reach out to you. The elves are concerned that all the toys I’m giving away could trigger gift taxes for the kids. I told them, “Relax, it’s Christmas!” But now I’m second-guessing myself. Are the toys I’m gifting considered taxable gifts? Please advise before Mrs. Claus decides to cut the toy budget. Sincerely, Santa Claus Dear Santa, Rest assured, the IRS does not tax the joy of Christmas—yet. Gifts are taxed to the donor, not the recipient. That means if anyone pays a gift tax, it’s YOU. And as long as you don’t gift more than $18,000 this year to any one child, there’s no gift tax for you and no reporting. If none of the billions of children on your list is receiving a life-sized Ferrari sleigh, you’re in the clear. Ho, ho, hope that helps! PS - It goes up to $19,000 in January, in case you're late on some gifts!! ;) Yours taxfully, Lalit Kundani https://lnkd.in/gPZAdXeQ #gifttax #taxes #taxablegift #donor #recipient #annuallimit #lifetimelimit #estatetax #estateplanning #lawfirm #attorney

Managing your finances anytime of the year can be daunting. Managing your money during the holidays can be an even bigger challenge. It can be hard not to associate the holidays with stress for multiple reasons, but let’s work on finances not being one of those burdens for you. Take some baby steps now to prepare for the gift giving season. Start by setting a gift budget for your household! Let’s celebrate this year!

Your high net worth clients only have until December 31st to make their 2024 annual exclusion gifts. These gifts allow your clients to gift up to $18,000 in 2024 to as many individuals as they desire. The annual exclusion cannot be carried forward into the next tax year so the failure to gift in a given tax year is a lost opportunity to remove cash, plus the future growth on the gifted funds, from the taxable estate. The annual exclusion will increase to $19,000 per gift donee in 2025.

Did you make large gifts to children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. The deadline for filing is April 15 (Oct. 15 if you file for an extension). The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. Generally, you’ll need to file a return if you made 2023 gifts that exceeded $17,000 per recipient (unless to a U.S. noncitizen spouse) and in certain other situations. But sometimes it’s desirable to file a gift tax return on Form 709 even if you aren’t required to.