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. According to the IRS, certain gifts are not taxable. These include gifts that are less than the annual exclusion amount. As of 2012, a married couple can give up to $26,000 tax-free, referred to as gift splitting.. If you pay tuition or medical expenses for someone, you don't have to pay tax on the money.Gifts to your spouse are also tax-free.ccording to the IRS, certain gifts are not taxable. These include gifts that are less than the annual exclusion amount. As of 2012, a married couple can give up to $26,000 tax-free, referred to as gift splitting..