The historical gift tax exclusion amount is $19,000 for 2025, unchanged from 2025, up from $18,000 in 2024, $17,000 in 2023, and $16,000 in 2022. As a result, you may want to contribute more to your child’s 529 plan or give them more money if your estate may surpass the estate tax threshold when you […]
Historical Gift Tax Exclusion Amounts: Be A Rich Strategic Giver Read More »
The Tax Policy Center recently calculated most working Americans didn’t pay federal income taxes in 2020. According to the chart below, supposedly 106.8 million out of 176.2 million total income tax filers did not pay federal income taxes. That amounts to 60.6 percentage of Americans don’t pay federal income tax! Given there are roughly 332
Most Working Americans Don’t Pay Federal Income Taxes – A Problem? Read More »
ProPublica published an article highlighting how 25 of the wealthiest Americans paid a tiny fraction of their wealth in taxes. This makes sense because the type of tax that is often discussed is levied on income, not wealth. If you pay yourself a low income and never sell assets, then your tax bill won’t be
Never Sell Assets And Pay Less In Taxes Like Billionaires Read More »
If you decide to sell your house to simplify life, lock in gains, downsize, or relocate for a job, this article will help you minimize your capital gains tax bill. You may even be able to pay no capital gains tax after selling your house for big bucks. According to the IRS, most home sellers
How To Pay No Capital Gains Tax After Selling Your House For Big Profits Read More »
The stepped-up basis for our children was under attack. The Biden administration wanted to either abolish the stepped-up basis altogether or alter it to generate more tax dollars. So I expect for democratic presidents and congress people will want to abolish the stepped-up in cost basis as well. If heirs are then forced to pay
Why The Stepped-Up Basis Must Be Preserved For Our Children Read More »
President Biden’s proposal to increase the capital gains tax from 20% to 39.6% for people making over $1 million a year sounds aggressive. Add on the Net Investment Income Tax of 3.8%, and we’re talking a total long-term capital gains tax rate of 43.4%. That’s too much in my opinion. If this new long-term capital gains
A Capital Gains Tax Hike Should Alter Your Income And Selling Strategy Read More »
The $250,000 / $500,000 tax-free home sale profit rule is a fantastic benefit for homeowners who have lived in their homes for two out of the past five years before selling. The rule is also called the tax-free exclusion rule for real estate. The tax-free profit exclusion rule essentially says if you are single, you
Clarifying The $250,000 / $500,000 Tax-Free Home Sale Profit Rule Read More »
Want to learn how to pay no taxes? Or how about how to pay less taxes for the rest of your life? Read on. I’ve been studying up on tax laws since 1999. You might not be able to pay no taxes. However, this post should help you pay less taxes. For most of us,
How To Pay Little-To-No Taxes For The Rest Of Your Life Read More »
The maximum amount of earnings subject to the 6.2% Social Security payroll tax climbed to a record $176,100 in 2025, up from $132,900 in 2019 for reference. As a result, your goal should be to increase your investment income so you can earn more tax efficiently. In other words, those lucky enough to have jobs
Income Types Not Subject To Social Security Tax: Earn More Tax Efficiently! Read More »
Social Security is America’s national pension system. The income limit for maximum social security tax goes up every year. This is because Social Security is underfunded by roughly 25% as of 2022. The 2023 income limit for maximum Social Security tax rose 9% to $160,200. For those of you who believe the government is efficient
Income Limit For Maximum Social Security Tax 2023 Read More »
