For 2026, the key thing to know is that you can generally give each child up to $19,000 during the year without having to file a federal gift tax return. If you’re married, you and your spouse may generally give a combined $38,000 per child without filing a gift tax return, assuming each spouse makes
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Charitable giving is a meaningful way to support the causes you care about, strengthen your community, and make a difference in the lives of others. For many taxpayers, charitable donations have also been an important part of their tax planning strategy. But starting in 2026, changes to federal tax law will affect how charitable contributions
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Year-End Tax Planning: How Getting Ahead With Your Accountant Can Save You Big As the end of the year approaches, many people start thinking about holiday plans, family gatherings, and setting goals for the year ahead. But there’s one important item that deserves a place on your year-end checklist: tax planning. Waiting until tax season
Learn MoreMany self-employed taxpayers and business owners do not like to be surprised by significant tax balance due on their individual return at tax time, and wonder what they can do better to avoid paying so much tax. Utilizing year-end tax planning services with your CPA, may be a good way to project your annual income,
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Having a good fiscal year can mean heavy taxation moving forward. It can increase not only the amount you owe, but also the future estimated payments. Using LTA CPA for year end tax planning can alleviate this burden. Did you know that in 2024 you can use section 179 to purchase equipment which you can
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