Summary of 2014 Retirement Plan Contributions Limits

With the end of 2014 fast approaching, now is the time to take a look at your year-to-date retirement plan contributions to see where yours stand when compared with the 2014 contribution limits. Depending on how much you've already contributed, you may be able to contribute more to your retirement plan for 2014. To help you determine whether you need to make some additional contributions, here is a summary of the 2014 retirement plan contributions limits. Please remember that some types of accounts require contributions before December 31, whereas other types of accounts allow contributions up to the April deadline for filing your tax return. Contact us now so we can offer you specific g

How To Avoid A Federal Gift Tax

TIP #5 Don't let the chaos of the holiday season prevent you from avoiding federal gift tax by making 'annual exclusion' gifts, medical payments gifts, and educational gifts. Make Annual Exclusion Gifts 'Annual exclusion' gifts are transfers of money or property in an amount that does not exceed the annual gift tax exclusion. In 2014, the annual gift tax exclusion is $14,000 per recipient, and it will remain at $14,000 per person in 2015. Therefore, you can give up to $14,000 to as many individuals you choose on or before December 31, 2014, and then give another $14,000 to the same people on or after January 1, 2015, and you will not have to file a federal gift tax return (IRS Form 709

Heritage Law Group, PLLC

1526 Hunt Club Boulevard, Suite 550

Gallatin, Tennessee 37066

Phone: (615) 989-7054

Fax: (615) 751-5208

Monday-Friday, 8:00AM-4:30PM

Visiting this site does not create an attorney-client relationship with Heritage Law Group, PLLC. Tennessee law requires notification that this is an advertisement and this website is not intended to provide legal advice. If you are seeking legal advice, you must seek it by speaking directly to a licensed attorney. While our firm welcomes feedback, we cannot accept a new legal matter without making sure there is no conflict of interest with other client matters in which we are already involved and there is no other conflict of interest that might prevent us from representing you. Unless otherwise noted, all Heritage Law Group, PLLC attorneys are generally licensed to practice law in the State of Tennessee. Attorney Jacob Mason is also licensed to practice law in the State of Kentucky. Every situation is unique and you should not act on information contained in this website without seeking advice from a legal professional specific to your particular situation. 

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