The donors, not the recipients, file gift tax returns. If you give money or property, you may be legally required to file a gift tax return with the IRS, even if you owe no gift tax. In fact, most people who file gift tax returns do not pay any gift tax because each individual has a generous lifetime gift tax exemption of $13.99 million (for 2025). Married couples can effectively double this amount by combining their exemptions. Even when no tax is due, you must file a gift tax return...

Do you own a business organized as a pass-through entity (PTE), such as a partnership, an S corporation, or a multimember LLC taxed as a partnership? If so, you face an important tax decision. For the past several years, many PTE owners have elected to have their businesses pay the state income tax on their business income rather than paying it personally. This approach allows the PTE to deduct those state income tax payments as a federal business expense. Why Choose This Option? The Tax Cuts...

Your tax refund will no longer arrive by paper check. The IRS recently announced that it will stop issuing paper checks, with limited exceptions, and will require taxpayers to receive refunds electronically. Why the change? Paper checks cost more, create security risks, and take much longer to process. In addition, the Trump administration directed all federal agencies to eliminate paper check payments. What stays the same? The IRS has not changed the process for filing your tax return. You...