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.
Gifts from relatives can often make or break college savings. Grandparents considering saving for their grandchildren's education often hear about tax breaks, gift tax limits and how 529 plan money is used.f grandparents are still working, being able to deduct some or all 529 plan contributions on state tax returns is a nice perk. However, each state sets its own rules on who can claim the tax deduction and for how much, Long says.