What Happens If You Give More Than $12,000 To Someone in 2006?

In an earlier article, we discussed the annual gift tax exclusion and how it works. In summary, we said that you could give up to $12,000 in cash or property to any one person during 2006 and not have to pay a federal gift tax. In fact, you don't even have to file a gift tax return. This is not the result of a kind and benevolent federal government at work. Rather, it is simply an effort to avoid an administrative nightmare keeping track of everyone's nominal gifts for weddings, birthdays, holidays, etc. Can you image having to file a gift tax return every time you took a bottle of wine over to your neighbors' for dinner?

Who's Afraid Of The Big Bad IRS?

Why are you so scared of Uncle Sam?

Getting a Tax Credit for Your Kids

As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids.

Save Taxes with a Health Savings Account

Many taxpayers receive no tax benefit from their medical expenses because the total medical expenses must exceed 7.5 percent of their adjusted gross income to provide any benefit. A health savings account is a good way to plan around this limitation. This article explains the tax benefits of a health savings account.

Tax Season – Time for Scams

As tax season draws irresistibly closer, the scam artists are polishing their latest techniques. This article should help you keep an eye out for these nasty individuals.

Saving Taxes Offshore

On how opening an offshore savings account has little value by itself but as part of an overall asset protection structure can provide safety and peace of mind.

Do You Know The Major Tax Return Mistakes To Avoid?

Tax season always brings out talk about 1040 EZ forms and W-2s, but most of us are in the dark about what to do with our tax returns even with the long set of directions the IRS puts in with the forms. There is always the option of paying someone else to take care of it, and for many people it is best option.

Tax Credits: Getting Your Share

Do you pay more than your fair share of the tax debt? Isn't it time to pay more attention to your budget than the government's deficit? Paying your fair share is an honor. Paying MORE than your fair share is bad stewardship.

Taxation of the Sale of Your Home

Most home sellers are very excited on closing day. They anticipate seeing a very large check, usually the largest check they will see for any type of possession or investment they have sold. But, come the following April 15th, they should be asking their accountant whether there are any taxes that must be paid on the profit.

Debt and Denial - During the Tax Season

As 120 million households prepare their taxes this year Bill Mitchell asks the $64,000 question. “With the tax season deadline approaching, what election will you use to file your 2005 tax return? Married filing jointly or married with money grubbing cheating Spouse?”

What is a 1031 Exchange?

1031 Tax Exchange from the IRS will allow you to save a lot of money, but how? What is it exactly?

7 Ways To Organize Yourself For Taxes

Don't let your accountant organize your receipts for taxes. You and only you are responsible to the IRS if your receipts are not categorized correctly. Take your time, lay out your reciepts, and place them in the category you think they belong in. Attach each category to a sheet, list the category at the top of the sheet, list each item on each sheet and why it is deductible.

Your Mutual Fund and Tax Consequences

If you own a mutual fund as a regular savings account, you may be subject to paying taxes on your mutual fund. If you had a substantial income or capital gain distribution, you may have substantial taxes.

Your Business and Your Estate - Succession Planning

Things don't always turn out fairly when the business owner leaves the family business to the next generation.

How To Qualify As A Dependent On A US 1040 Tax Return

First, the qualifying individual must be a US citizen or national, and their marital status must be single, read the full article for more information.