Author - Michael Helveston, CFP®, CRPC®

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New (And Old) Ways Giving To Charity Can Lower Your Income Tax Bill
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Family Gifting Strategies

New (And Old) Ways Giving To Charity Can Lower Your Income Tax Bill

If you are struggling to digest all of the new tax laws and tax law changes, you are not alone. The rules have only gotten more complicated. Fortunately, some of the ways to save on taxes are still effective.

What Still Works:

Gift appreciated stock – As you plan your charitable gifting for the year, don’t forget that you can avoid the tax on appreciated securities by gifting them instead of selling them. You also may get to take a charitable deduction for the gift, so you may save in two ways! The savings are further magnified for those …

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Family Gifting Strategies

While many popular gifting strategies involve charities, gifting to family members can be equally rewarding. Here are a few easy approaches that can reduce or avoid taxes, and are also effective wealth transfer techniques.

  1. Annual Exclusion Gift – In 2013, $14,000 can be gifted to any individual without any reporting or paperwork. There is also no reduction in the federal estate and gift exemption amount, currently $5,250,000 per person. You can still gift more than this to one person by filing IRS Form 709 – the Gift Tax Return. Amounts given over $14,000 begin to reduce the amount you can
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