The Tax Implications Of Supporting Adult Children
If you are supporting adult children, or even give them a helping hand now and then, you’re not alone. In today’s tough job market, getting a good career started can take a little longer than planned. The last thing you need when you’re trying to be helpful, however, is to beworried about paying gift tax.
Political Contributions Tax Deductible
Most political contributions, whether local, regional or national, are not tax deductible and haven’t been for years. So, if you happen to be one of the many people donating to political candidates’ campaign funds, don’t expect to deduct any of those contributions on your next tax return.