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U.S. Tax Hacks – How to Gift Money to Your Kids!

Did you know that there’s U.S. laws that tell you how much money you can gift your kids?

Basically each parent can gift each kid (or anyone, can be a friend, cousin, etc…etc..) $13,000 a year without any reporting and taxes.

That means both parents together can gift each of their kids $26,000 a year without having to pay any taxes.

Of course, don’t forget to send “separate” checks from each parent, that will make it clear that it’s coming from each parent.

What happens if you go over the annual limit of $13,000?

Uncle Sam gives

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Tax DIY – How to Digitize and Simplify Your Taxes and Receipts!

I have to admit to being busy last whole week due to the fact that I have been doing my taxes.

This year, I did things a little different.  Since the IRS now lets you have digital copies of all your receipts, I decided it’s finally time to throw away all my files and receipts.

So, I “scanned” every one of my receipts and related-tax documents into JPEG image files, PDFs, and Word documents.

Why?

Well, think of it this way, how would you like to show IRS all your receipts and tax history on your Blackberry or

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