Thursday, April 22, 2021

Quick IRS reference

On this single page, the IRS provides the tax inflation adjustments for a large number of items, including tax brackets, tax rates, standard deduction, as well as several items of interest for estate planning purposes: annual gift exemption ($15,000), lifetime basic exclusion amount ($11.7 million per person), etc. 

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Effect of the OBBB

The per-person exemption equivalent for estate and gift taxes has been increased to $15 million, and will continue to be indexed. That is an...