Tax Exemption

Annual & Life Time Gift Tax Exemption Simplified !

Let me start with very basic question – what is a gift tax ?  26 U.S. Code Chapter 12 – GIFT TAX deals with all aspects of gifts and its taxation under Internal Revenue Code and it basically says that  if you  gift money or transfer property to another person without any consideration in return, you will have to pay tax on the amount of gift . But , the imposition of tax on such gifts is only if the amount of gift is more than the two limits set under the law – annual gift tax exemption limit of $ 15,000 and lifetime gift tax exemption limit of $11.4 million. Read More »Annual & Life Time Gift Tax Exemption Simplified !

New Online Tax Exempt Organization Search

IRS allows tax deduction for charity only if the charitable organization is recognized as tax exempt organization. In order to provide an efficient way to verify of the organization is recognized as tax exempt or charitable organization during the period in which a tax payer is planning to donate, IRS has replaced its online tool for searching tax exempt organization with a faster database web application