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Ken and Daria Dolan, America's first family of personal finance, answer your questions every Friday.

Click here to ask Ken and Daria your question.

Everyone should be so lucky as to know some one like Maria! Maria is about to make some friends and family members very happy. Her generosity is incredibly uplifting in today's tough times. Watch this week's video to hear her plans and Ken and Daria's advice.

Dear Ken and Daria,

How much money can I gift to someone without anyone having to pay taxes, and how many people can I gift money to?"

--Maria



To learn more about taxes, retirement planning and debt management, visits Dolans.com.


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TurboTax Articles

Does Everyone Need to File an Income Tax Return?

Not everyone is required to file an income tax return each year. Generally, if your total income for the year doesn't exceed the standard deduction plus one exemption and you aren't a dependent to another taxpayer, then you don't need to file a federal tax return. The amount of income that you can earn before you are required to file a tax return also depends on the type of income, your age and your filing status.

How to Write Off Sales Taxes

The Internal Revenue Service (IRS) permits you to write off either your state and local income tax or sales taxes when itemizing your deductions. People who live in a state that does not impose income taxes often benefit most from this deduction. However, you might also be better off deducting sales taxes instead of income taxes if you make large purchases during the year and your total sales tax payments exceed those for state income tax. You can use either the actual sales taxes you paid or the IRS optional sales tax tables.

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