Categories
Resources for Accountants

How the Gift Tax Works | U.S. Tax [Video]

How the Gift Tax Works | U.S. Tax

Here’s how the gift tax works:

If you give someone a gift, any amount exceeding $15,000 is considered a taxable gift.

However, you also get a lifetime exemption of $11.7 million.

Thus, let’s say you give someone a gift of $215,000:
• The first $15,000 is excluded
• The next $200,000 reduces your lifetime exemption to from $11.7 to $11.5 million

Thus, you don’t pay any tax because the amount over $15,000 reduced your lifetime exclusion.

However:
• When the lifetime exclusion goes down, this decreases the exemption your estate gets when you die. Thus, gifts over $15,000 could end up causing you to get hit with estate tax, depending on the value of your estate
• If the lifetime exemption reaches zero, any gifts over $15,000 will incur gift tax

Now, if you do make a gift exceeding $15,000 you need to file Form 709 (the gift tax return) on or before April 15th of the year following the gift.

And if both you and your spouse make a gift, you each need to file a separate Form 709.

You might also be subject to gift tax at the state level depending on where you live.

Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD.
Edspira’s mission is to make a high-quality business education accessible to all people.

SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS
* http://eepurl.com/dIaa5z

LISTEN TO THE SCHEME PODCAST
* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725
* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc
* Website: https://www.edspira.com/podcast-2/

CONNECT WITH EDSPIRA
* Website: https://www.edspira.com
* Blog: https://www.edspira.com/blog/
* Facebook page: https://www.facebook.com/Edspira
* Facebook group: https://www.facebook.com/groups/561316587899818//
* Reddit: https://www.reddit.com/r/edspira
* LinkedIn: https://www.linkedin.com/company/edspira

CONNECT WITH MICHAEL
* Website: http://www.MichaelMcLaughlin.com
* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin
* Twitter: https://www.twitter.com/Prof_McLaughlin
* Facebook: https://www.facebook.com/prof.michael.mclaughlin
* Snapchat: https://www.snapchat.com/add/prof_mclaughlin
*Twitch: https://twitch.tv/prof_mclaughlin
* Instagram: https://www.instagram.com/prof_mclaughlin
*TikTok: https://www.tiktok.com/@prof_mclaughlin

Watch/Read More
Categories
Resources for Accountants

How to Start and Fund Your Own Business [Video]

Embarking on the journey of starting and funding your own business is akin to setting sail on uncharted waters. It's a thrilling yet daunting endeavor that demands a blend of creativity, strategy, and financial acumen. In today's dynamic business landscape, where innovation and disruption reign supreme, the allure of entrepreneurship beckons individuals eager to carve their own path and leave a mark on the world. However, navigating the complexities of business ownership requires careful planning, unwavering commitment, and access to adequate funding. This guide aims to illuminate the path ahead, offering a roadmap for aspiring entrepreneurs to transform their vision into a tangible business reality.

Categories
Resources for Accountants

What are the different types of Hedge Accounting models? [Video]

Bob will help you "close the GAAP" on what the different types of hedge accounting models are and when to use them. Check out his quick video explanation here! If you are interested in learning more, explore our eLearning courses on our GAAP Dynamics Learning Library: ASC 815: Hedge Accounting (Course Collection): https://www.gaapdynamics.com/product/asc-815-hedge-accounting/ Financial Instruments: Hedge Accounting Under IFRS 9: https://www.gaapdynamics.com/product/financial-instruments-hedge-accounting-under-ifrs-9/#collection-cards

Categories
Resources for Accountants

Application of ASC 805 [Video]

This is the introductory video for the third course of the three-part Business Combinations eLearning series. Now that you are familiar with the basic accounting rules and certain ASC 805 advanced issues, this course will apply that knowledge by walking through an example acquisition and requiring you to identify the proper accounting treatment. Take the course: https://www.gaapdynamics.com/product/business-combinations-application-of-asc-805/ Buy all three courses and save! https://www.gaapdynamics.com/product/asc-805-business-combinations/ Learn more about GAAP Dynamics: https://www.gaapdynamics.com/ Check out our other online courses on the GAAP Dynamics Learning Library: https://www.gaapdynamics.com/individual-learning/ Subscribe to GAAP Dynamics to see more videos like these!

Categories
Resources for Accountants

Cheap Car Insurance Renewal Cost ★ 2022 [Video]

Discover cheaper car insurance renewal cost. Here’s the free service we use to get cheaper car insurance (toll free): 1-855-981-7528. It’s a free by phone service that specializes in locating the cheapest car insurance rates. They perform the tedious task of shopping around, and present you with the cheapest auto insurance provider for your location. We call this service every year before our auto insurance expires. It allows us to discover whether there is a cheaper rate than ours, and has saved us lots of money over the years. Here are some of the topics covered in this video: How to get cheaper auto insurance rates online, get discounts and lower your policy cost, ways to lower vehicle insurance premium cost, which are the best car insurance companies and why Geico, National, Progressive, Allstate, Root, State farm, General, or farmers are not always the best bet. Why Dave Ramsey is not always right. Ways to get affordable drivers insurance quotes, how to locate the best cheap automobile insurer for a specific location. For more ways to save on your car insurance rates, see here: https://www.bizmove.com/auto-car-insurance/