Estate and Gift Tax Limits for 2024
The IRS has announced the estate and gift tax exemptions for 2023.
ByMarch 4, 2024
The IRS has announced the estate and gift tax exemptions for 2023.
ByCharitable gifting can occur throughout the year; however, many individuals and families focus on their charitable giving in the fourth quarter as it coincides with annual tax planning. Charitable donations are tax deductible for individuals who itemize their deductions when they file their tax return. The annual deduction limit for gifts to public charities is
ByTaxpayers can make charitable gifts using cash or property. Examples of property commonly donated to charities include appreciated stock and other marketable securities. The type of asset gifted could affect the amount of the taxpayer’s deduction. This article explains various aspects and planning opportunities for donating cash and property. Understanding Cash Donations Cash donations to
ByBill Hortz, Founder of the Institute for Innovation Development, recently interviewed Russ Schultz, Chief Executive Officer and Chief Investment Officer of Schultz Financial Group, about the complexity and challenges of investing and managing large sums of money. Hortz: Is investing $10 Million substantially different than investing $1M or smaller amounts of money? Schultz: The answer
ByMedicare Part B premiums are automatically deducted from Social Security, Railroad Retirement Board, and Office of Personnel Management payments. The standard Medicare Part B premium is adjusted based on a taxpayer’s Modified Adjusted Gross Income (MAGI). MAGI for Medicare purposes is the taxpayer’s AGI plus any tax-exempt interest. Medicare uses a taxpayer’s MAGI from two
ByEach year, the Social Security Administration announces the annual cost-of-living adjustment (COLA). The Social Security Administration has announced that Social Security and Supplemental Security Income (SSI) benefits will increase for 2024.
ByMarket commentary is intended for convenience, educational, and informational purposes only and should not be construed as individualized advice or recommendations. The discussions contained on this page are not a substitute for investment advice from a professional adviser. Readers should not use this content as the sole basis for any investment, financial planning, tax, legal or other decisions. Rather, a professional adviser should be consulted, and independent due diligence should be conducted before implementing any of the options referenced. While information presented is believed to be factual and up to date, Schultz Financial Group (“SFG”) does not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Due to various factors, including but not limited to changing market conditions, this market commentary may no longer be reflective of current opinions or recommendations. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.