What is the gift tax? When you give a certain amount of money or other property to someone, it is considered a gift — whether or not you intended it that way. Such gifts are subject to a tax. Here is how the IRS defines the gift tax: “The gift tax applies to the transfer by gift of any type of property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at l…

1st day (Jan. 24th, 2022) Filing your Tax Returns: The Internal Revenue Service starts accepting and processing 2021 tax returns Monday, Jan. 24, 17 days earlier than last tax season’s late start of Feb. 12. When should I receive my 2021 W-2 by? 1. W-2's are due to be mailed no later than Jan. 31. According to the IRS, a 2015 law made it a permanent requirement that employers file copies of their Form W-2, Wage, and Tax Statements, and Form W-3, Transmittal of Wage and Tax Statements, with the S…