Gift Tax

Can I give as an 'allowance' upto $10,000 dollars each year to each of my 3 children and receive any tax savings? Would this type of 'gift' help reduce my taxable income or give me an additional tax credit?

Any additional implications in the state of Ohio?

No. The money you give to your child as a gift is not tax deductible. The federal tax law saya you can give up to $10,000 per year to each of your children without the child having to pay tax on the gift.

If you would like, you could send me $10,000 and I will send you back what would be the equivalent of a tax deduction if there was one. heehee

the real question

I know your going to find this hard to beleive, but the very first question you should be asking is: Am I liable? If you and about 90% of the rest of America would ask that question, then actually look and learn the law, you would see that you are probably not even liable to pay Income Taxes in the first place...that would make the whole point mute, wouldn't it? The idea that what is paid, goes to fund the U.S. Government is a farce. The idea that protected individuals are liable/required to pay Income Tax is a farce. Don't think I'm a quack....read the law. If you put forth enough effort to ask the type of question you asked here, you should be willing to ask some others.

Quack?

Well.... in all honesty, I've heard of this "Taxes are voluntary" stuff before... but nobody seems to be able to point to how they come to that conclusion.
It's usually something they 'heard' somewhere from a friend of a red headed step cousin in law....

...and they usually wind up in court or prison from what i've 'heard'.
(Al Capone anyone?)

Can you be more specific as to why we should risk not paying taxes and show proof of who doesnt and what's happened?

Otherwise.... Quack Quack Quack!

Hey Genius,

This thread is FIVE YEARS OLD! I'm thinking the dude probably moved on to greener pastures.

Snipes