Seven Tips to Determine if Your Gift is Taxable

If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax.

1. Nontaxable Gifts. The general rule is that any gift is a taxable gift. However, there are exceptions to this rule. The following are not taxable gifts:

• Gifts that do not exceed the annual exclusion for the calendar year,
• Tuition or medical expenses you paid directly to a medical or educational institution for someone,
• Gifts to your spouse (for federal tax purposes, the term “spouse” includes individuals of the same sex who are lawfully married),
• Gifts to a political organization for its use, and
• Gifts to charities. Read more

What to Do if You Haven’t Filed a Tax Return

Filing a past due return may not be as difficult as you think.

Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that full payment of taxes upfront saves you money.

Here’s What to Do When Your Return Is Late

Gather Past Due Return Information

Gather return information and come see us. You should bring any and all information related to income and deductions for the tax years for which a return is required to be filed. Read more

LMGW Celebrates the End of Tax Season with the Giants

LMGW celebrated the end of tax season with the San Francisco Giants on April 23, 2015. Partners and staff were treated to a fantastic game where the Giants beat the Los Angles Dodgers 3-2 in the 10th inning.

GO GIANTS!

LMGW Congratulates Keith Plottel on his Appointment to CalCPA’s Committee on Taxation

LMGW is proud to announce partner, Keith Plottel’s appointment to the CalCPA’s Committee on Taxation. Keith will be assisting the committee in advocating for CalCPA members on issues that affect the profession; enhancing and promoting the visibility of the profession and attracting, educating and supporting CPAs in their professional and personal development. Thank you Keith for all the support that you provide our staff and our profession.