At Colucci Associates, we specialize in gift tax preparation services, helping individuals comply with IRS regulations and maximize their tax benefits when making gifts. Whether you’re gifting to family, friends, or charitable organizations, our team ensures that your Form 709 is filed correctly and on time, minimizing your tax liabilities and maintaining compliance.
We prepare and file Form 709 for gift tax returns, ensuring that all taxable gifts are reported to the IRS and that any applicable exclusions and exemptions are properly applied.
We provide proactive planning strategies to help you make gifts in a tax-efficient manner. Our team helps you minimize gift tax liabilities by advising on lifetime exclusions and annual gift exclusions.
We assist with charitable giving strategies, helping you take advantage of gift tax deductions for charitable donations, and ensuring compliance with IRS regulations.
We provide guidance on how gifts can be integrated into your overall family and estate planning strategy, ensuring that your assets are transferred efficiently while minimizing the impact of gift taxes.
We help track and manage the annual exclusion limits, ensuring that your gifts fall within the IRS guidelines to avoid unnecessary tax filings or penalties.
If your gift tax return is audited, we offer full support to help you navigate the process, providing the necessary documentation and representation to resolve any issues.
We begin with a comprehensive consultation to understand your gifting strategy, financial situation, and potential tax implications, gathering all the necessary documentation for your gift tax return.
Our experts prepare Form 709, ensuring that all gifts are accurately reported, and that all available exclusions, exemptions, and deductions are applied correctly.
We advise on strategies to minimize gift tax liabilities, including structuring your gifts to take advantage of the annual exclusion limit and applying the lifetime gift tax exemption.
We carefully review your gift tax return, verifying that all required information is accurate and complete, ensuring compliance with IRS guidelines.
Once the return is reviewed and finalized, we file Form 709 with the IRS, ensuring your gift tax filings are submitted timely and accurately.
After the filing, we provide ongoing support for any questions or concerns you may have, including managing future gift tax filings and ensuring your gifts align with your long-term financial and estate planning goals.
Form 709 is the IRS form used to report taxable gifts. It is required when an individual gifts amounts that exceed the annual exclusion or when using the lifetime gift tax exemption. Our services ensure this form is filed correctly.
We offer strategic tax planning to help reduce your gift tax liability, including managing annual exclusions, utilizing the lifetime gift tax exemption, and structuring charitable gifts to maximize deductions.
The annual gift exclusion allows individuals to gift up to a specified amount (e.g., $16,000 in 2022) per recipient without incurring gift tax. We help ensure you stay within this limit to avoid unnecessary filings.
Not all gifts require a Form 709. Gifts under the annual exclusion amount do not need to be reported. We assist in determining which gifts require reporting and filing the correct form.
If you exceed the annual exclusion amount, you must file Form 709. Our team ensures that the appropriate exclusions, exemptions, and deductions are applied to minimize your gift tax liability.
