Lori Brillhart provides some end of year tax planning tips. To reduce your taxable estate, she reminds taxpayers to make gifts of $13,000 (or $26,000 per married couple). Such a gift to an individual does not require an annual gift tax return; and there is no limit to the number of donees per year. She also recommends maxing out Roth or other non-deductible IRA contributions before the April 2012 deadline.
See Lori Brillhart,"Fourth Quarter Tax Planning," mercerislandpatch.con/news (Oct. 2, 2011).
Posted by Andrew Hodes, Associate Editor, Wealth Strategies Journal.
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