Influencers and royalty alike are already getting in on the padded headband trend. Kate Middleton wore a black velvet one in November to an event at Westminster Abbey.
UPDATE: The Treasury recently announced tax changes and updates in response to COVID-19, updates include an extension of the first installment of tax year 2020 quarterly estimated taxes to July 15, 2020. Some information in this post however requires additional IRS guidance and may require updating. We will update as soon as we receive additional guidance. Please see the latest information on tax deadlines and updates related to COVID-19 here.
The gift tax only kicks in after lifetime gifts exceed $11.400 million in 2019
The first thing to know about the federal gift tax is that gift givers—not gift recipients—have to pay it. Thankfully, you won’t owe the tax until you’ve given away more than $11 million in cash or other assets during your lifetime.
The lifetime exclusion was raised to $11.400 million in 2019. If you’re married, your spouse is entitled to a separate $11.400 million in 2019. So