Giving Tuesday, the first Tuesday after Thanksgiving on which thousands of Virginians give to a worthy cause that is meaningful to them, is coming up Tuesday, December 1, 2020. Additionally, as the end of the year approaches and the holiday…
Many working Americans have contributed to tax-deferred 401(k)s and IRAs for decades. These retirement accounts provide income once they can no longer work. While these accounts grow interest-free, you must pay income tax on any money you withdraw during retirement. …
Those who make very large gifts during their lifetime may end up owing federal gift tax. But generally speaking, most ordinary gifts aren’t taxed. Only two states, Connecticut and Minnesota impose a state gift tax. Gift tax applies to gifts…