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.
Financial Planner. Iâm often asked if someone can take an income tax deduction for money they gift to their children. Gifts to individuals are not tax deductible. Tax deductions can only be taken for gifts to organizations on the IRS list of approved charities. However, there is a way to get a partial deduction for money that will eventually go to your children. A charitable lead annuity trust (CLAT) gifts money to a charity first, and then passes assets to your beneficiaries.
Parents and grandparents can also benefit through tax-free gifting when contributing to a 529 plan. Contributions qualify for the federal $13,000 annual gift exclusion ââ $26,000 if married, filing jointly. Additionally, there are high maximum contribution limits, up to $340,000 in some state plans.here is no better time than now to start investing in a 529 plan for your child or grandchild. With the 2011 tax deadline coming up fast, making a contribution today can put more tax dollars in your hand. Give your loved one a solid foundation for a future college education before the December 31, 2011 tax deadline.