The Internal Revenue Service (IRS) sets annual limits on the value of gifts that can be given to an individual without incurring a gift tax. These limits are adjusted for inflation each year, and the gift limit for 2023 is $17,000 per person. If you give a gift that exceeds the annual gift tax exclusion, … Read more
Individuals can gift money or assets to other people without incurring gift tax, up to a certain limit. This limit is known as the “tax gift limit” or “annual exclusion.” The tax gift limit is set by the Internal Revenue Service (IRS) and is adjusted periodically for inflation. For 2023, the annual exclusion is $17,000 … Read more
In the era of digital technology, children are increasingly exposed to screens, whether through smartphones, tablets, computers, or televisions. While these devices can offer educational and entertainment opportunities, they also raise concerns about the impact of excessive screen time on children’s development and well-being. Research has shown that excessive screen time can lead to a … Read more
Understanding the gift tax limit is important for individuals who plan to give gifts to family members or other recipients. The gift tax is a tax imposed on the transfer of property by gift. The limit is the maximum amount of money or property that can be given as a gift without triggering the tax. … Read more
