THE GO-TO GUIDE TO GIFT TAX
How Much Can You Give Tax-Free?
instances aren’t impacted by the gift tax. Some tax-free offerings include:
married, your spouse can match your gift, and as a couple, you can give up to $34,000 per individual tax-free. If a gift exceeds this amount in any one year, you must pay a tax. How do you gift strategically? Although gift taxes seem burdensome, they can benefit those who properly plan. People with a significant estate will often schedule gifts each year to minimize their estate and, as a result, reduce the estate tax that would need to be paid upon their death. This strategy is an excellent way to save money for a family in the long run. This guide to gift taxes is simply an introduction. To determine your gift tax responsibilities, call us at 405-843-6100. You may also be able to learn a few new strategies that can protect your estate!
If you’re giving a substantial amount of money or property to someone, you’ll likely have to pay a gift tax. The IRS applies this federal tax on any individual who transfers assets to someone else without anything significant in return. You don’t need to worry about gift taxes if you’re just giving your child a small allowance, but when transferring thousands or millions of dollars, you will likely have to hand over a chunk to the IRS.
• Educational expenses • Medical expenses • Gifts to a spouse • Gifts or donations to political organizations or charities
Be sure to speak with your financial advisor or a tax professional on whether your gift requires a tax. You always want to err on the side of caution.
What does and doesn’t require a gift tax? Gifts include property, bank account transfers, cash, stocks, vehicles, art, lenient loans, and more. Sounds like everything, right? Well, a few
How much can you give? As of 2023, you can give up to $17,000 per
individual annually free of tax, meaning you aren’t limited to gifting just one person before you’re hit with a gift tax. If you’re
CHOOSE THE RIGHT SITTER FOR YOUR PET
Your Family May Not Be Up to the Task!
• Does your pet have a disability or need to take medication that would be better handled by a professional?
When your children were young, you wouldn’t trust their care to any old babysitter, would you? Of course not! Now, your pets are no different. When you head out for a summer vacation, they deserve to be cared for by someone who will pamper and protect them the same way you would. The only problem is, who? Friends and Family vs. Professionals You may be tempted to ask your sibling, friend, or child to watch your pet. This can be a great solution because you trust them, and they’ve bonded with your furry friend already. But have you considered a professional? Some situations may call for a little more. Use these questions to help you decide: • Will your friend or family member be able to visit your home regularly or stay there temporarily while you’re gone to avoid disrupting your pet’s routine?
• Does your friend or family member
know how to stay cool and react calmly in case of a veterinary emergency?
If your loved one is pressed for time or easily stressed, or your pet has medical needs, you may be better off working with a professional. How to Find the Right Pro When choosing a professional pet sitter, don’t start with the flier on the stop sign pole down the street (it was probably put up by a 10-year-old). Instead, call your pet’s vet, groomer, and/or trainer and ask if they can recommend a nearby pet sitter. You can also ask friends and family who are conscientious pet owners. Then, thoroughly check the sitter’s credentials and experience. Look for signs that they’re
serious about their work, like certifications, insurance, and background check information, and set up an interview and meet-and-greet with your pet. If you can’t find a sitter through your network, consider online groups like the National Association of Professional Pet Sitters, Care.com, Pet Sitters International, Rover, or TrustedHousesitters, and use the same vetting strategy. For more help choosing a great sitter, visit HumaneSociety.org/resources .
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