Like it or not, taxes are part of life. Each year the IRS releases important inflation adjusted tax numbers that could impact your taxes. Understanding them could help your tax-saving strategy. Knowing Transfer Taxation numbers may be important if you plan on giving assets to your family.
Estate, Gift, and Generation-Skipping Transfer (GST) Taxes
Don’t forget the amounts that you can contribute to qualified retirement plans, which can reduce your current income taxes.
Qualified Retirement Plan Limits
Michael Geeraerts, CPA, JD, CLU, CGMA, is an advanced markets consultant at The Guardian Life Insurance Company of America where he works with advisors on estate, business, and overall tax strategies. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. 2015-13702 (Exp. 12/17)
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