Tax-Free Gifting

The estate tax is set to revert back to about half of the current lifetime gift and estate tax exclusion beginning in 2026.  If you need assistance with planning your gifting strategies, please contact Cray Kaiser.

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2022 Standard Mileage Rates Announced

The Internal Revenue Service recently announced the inflation-adjusted 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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Tax Effect of Short-Term Rentals

The IRS assesses short-term rentals based on the facts and circumstances of each case. As each case is unique and one size doesn’t fit all, we can help you determine the classification along with structuring it favorably for tax purposes.

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What Is Tax Basis and Why Is It So Important?

For tax purposes, the term “basis” refers to the monetary value used to measure a gain or a loss. The basis of an asset is a very important concept for tax purposes because it is used to calculate deductions for depreciation and casualties, as well as gains or losses on the disposition of that asset.

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