Giving Gifts Is Receiving & Tax Breaks!

The inheritance tax rate in 2010 (formally referred to as the Estate Tax) has fallen to zero (0%) ... That's right. Under the 10 year old law that brought rates incrementally lower, the inheritance tax rate in 2010 is "nada", "zilch" "goose egg".

But, will that last? Will the congress and President Obama work up legislation that will make the 2010 tax rate permanent?

The new tax rate for inheriting an estate is great on one hand, but on the other, it may not be so great when...

Whether you need professional tax help or not depend on how complicated your gift giving is. If you're only giving up to the maximum per single person gift tax amount, then you possibly don't need to hire a certified professional to get help.

Even if you're going to give gifts to more than one person up to the maximum, you really don't need a CPA to file the gift tax forms. You'll probably want one (or more) to handle your books, but that is a different matter altogether.

If...

The IRS doesn't levy a gift tax on donations made to qualified charity organizations. That means you can donate as much as you want without paying the gift tax or worrying about limits. But, what makes a charity qualified?

The IRS has published guidelines for what constitutes, or makes up, a qualified charity organization. An organization must be non-profit and be approved by the IRS.

Generally, a qualified charity will be a church or religious organization, charitable,...

Donating your used car to charity is a win-win situation; the charity gets your gift and you get tax deduction. Below are some simple steps to make a car donation.

1. Understand the rules. A good place to read the government rule on car donation is IRS Publication 4303, A Donor's Guide to Car Donations (available on the IRS's website at www.irs.gov). This guide outlines some important rules regarding car donation. For example, one important rule states that car donation must be made...

If you're like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the basics will make tax season less of a hassle for you, and maybe even save you some money. There are hundreds of terms; Below are some of the most important:

Tax Form
A Tax Form is the form that is filled out and submitted to your government to report all of...