Gift Ideas for Early in the Year

Transferring income-producing assets from someone in a high tax bracket to a recipient in a low bracket may save income taxes.  And the earlier in the year you make your gifts, the more income you can remove from next year’s tax return.  Consider doing the following:

  • Take advantage of the $14,000 annual gift tax exclusion ($28,000 for spouses), by making gifts to family members.
  • Pay medical expenses or school tuition for family members, in addition to the annual exclusion.  Payments must be made directly to the health care provider or school.
  • Accelerate bequests to family members by combining them with future gifts to charity.  For example, you can create a trust now that pays income for life to a family member and then passes the assets to charity.  You’ll receive an income tax charitable deduction and shift income to younger family members.


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Contact Information

Joe Woodward
Director of Institutional Advancement
(909) 482-5220


The materials contained on this website are intended only to show some ways by which you can make a charitable gift or bequest and thereby minimize federal tax liabilities, as authorized by the Internal Revenue Code. All examples are of a general nature only and should not be applied to your specific situation without first consulting your attorney or other advisers.