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The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...
The Uniform Gifts to Minors Act (UGMA) is an act in some states of the United States that allows assets such as securities, where the donor has given up all possession and control, to be held in the custodian's name for the benefit of the minor without an attorney needing to set up a special trust fund. This allows a minor in the United States ...
Uniform Condominium Act: 1977, 1980 Uniform Conflict of Laws—Limitations Act: 1982 Uniform Conservation Easement Act: 1981 Uniform Construction Lien Act: 1987 Uniform Consumer Credit Code: 1968, 1974 Uniform Consumer Leases: 2001 Uniform Controlled Substances Act: 1990, 1994 Uniform Correction or Clarification of Defamation Act: 1993 Uniform ...
The Child and Dependent Care Tax Credit is a way that the federal government helps put money directly back in the pockets of working families. If you have to pay for care for your children or ...
A tax credit enables taxpayers to subtract the amount of the credit from their tax liability. [d] In the United States, to calculate taxes owed, a taxpayer first subtracts certain "adjustments" (a particular set of deductions like contributions to certain retirement accounts and student loan interest payments) from their gross income (the sum of all their wages, interest, capital gains or loss ...
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted in December 2020, altered tax rules for charitable giving and extended them through 2021. If you haven’t filed your 2021 taxes ...
You can either donate equipment or make a financial donation. Operation Backpack : This is a Volunteers of America program that provides backpacks filled with school supplies to students in need.
However, the law that created increased exemptions and the ultimate repeal of the GST tax expired on December 31, 2010. [10] In 2016, the exemption was $5.45 million per person. Starting in 2011, the GST exemption amount for generation-skipping trusts and for outright gifts to skip-persons, is $5 million per person (or $10 million for a married ...