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.
Child tax credit. Families making up to $400,000 would receive a $2,000 tax credit per child, up from $1,000. Families would receive the credit regardless of whether they itemize or take the standard deduction. Â» Commuters lose transit, parking, biking benefits in tax bill Â» That credit would apply to any federal income taxes a family owes, or, if a family doesnât owe any federal income taxes, it could receive refunds of up to $1,400 per child from the government, said Geoff Harlow, a tax partner at Kessler Orlean Silver and Co. in Deerfield.