As defined in classic philosophy, an axiom is a statement that is so evident or well-established, that it is accepted without controversy or question. As used in modern logic, an axiom is simply a premise or starting point for reasoning.
To set your mind at ease, first determine if youâve given any one child more than the limit for a calendar year. You can give a child up to $14,000 in a year before you have to file a gift tax return (in 2012, this amount was $13,000). If your child is married, you can also give up to $14,000 each to his or her spouse. If youâre married, you and your spouse can both make gifts, meaning the maximum gift one couple can gift another couple without filing a gift tax is $56,000. This amount is per calendar year, and does not roll over from year to year.
For taxpayers who do not need the full $1,000 per child to reduce their taxes to zero, there is the Additional Child Tax Credit. This credit allows qualified taxpayers to claim the balance of their Child Tax Credit as a refundable credit and pay any additional taxes or increase their refund. If you and your spouse will both work after the baby arrives, child care costs up to $3,000 for one child and $6,000 for more than one child may qualify for the nonrefundable tax credit, the Credit for Child and Dependent Care Expenses.