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contributions.
More affluent taxpayers should get details about making noncharitable gifts prior to Dec. 1. Each year, up to $10,000 can be given tax-free to each donee. While these gifts provide no income tax deduction, they can reduce estate taxes.
If you are planning marriage anytime soon, find out whether postponing or accelerating your wedding date could significantly affect your tax bill.
You might benefit from being, able to file a joint tax return, or you may find yourself subject to the “marriage penalty.” For the same reason, anyone getting divorced should get details on how the timing of the event could affect his or her taxes.
Tax planning now will not increase the joyousness of your holidays.
But it could make you a happier taxpayer next April.
For additional information contact MacRae Associates at 675-2043.
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