The Skeen Firm 2020 Holiday Primer
This holiday season is unlike any we have seen. But as we move through the various holidays recognized in December it is important to remember their purpose. Charity, humanity, and family are the reason the holidays exist in the first place.
No other period of the year embodies the spirit of giving more than December. To give is to transfer possession of something (property) to someone else. While giving is most always a good thing, there are some special considerations to keep in mind.
As the old saying goes, nothing is free. In fact, the IRS has special tax treatment for gifts. What was that a tax on gifts? Yes, that is correct. Under the Tax Code there is a tax on any transfer of property from one individual to another. Talk about a serious holiday downer. There is an exemption available to save the spirit of giving though. In fact, the exemption covers up to $15,000 worth of gifts annually. So give and give big!
On second thought, give and give within your means. 2020 hit most families hard in ways that do not involve contracting the virus. With unemployment about double the rate as last year, the need to make ends meet bring extra strain. Projections forecast a surge of consumer bankruptcy filings as CARES Act relief ends and forbearances fade. That makes this year a great year to skip gifts and focus on memories.
While the number of holiday parties may be smaller this year, it never hurts to remember that drinking and driving is always a terrible idea. The legal limit in Pennsylvania is .08, but that is only the tip of the troubled iceberg. Pennsylvania classifies DUIs into three tiers: general impairment, high rate, and highest rate. These tiers add penalties depending on the number of offenses. When combined they determine the sentence and fines associated with a DUI.
In short, you will have a lot less money for giving, or making ends meet, mentioned above if you get pulled over and charged with a DUI. Driving impaired is equal to playing roulette with not only your fate but also everyone else. It is best to leave that to the casinos because playing the road version produces zero winners.
Finally, if you chose to have a small family event, you should focus on leaving family feuds to daytime television. There is never a good time for a domestic issue so keep that in mind while you are attending family dinners. Sure, there is a lot of stress at times in everyone’s lives. Do not let that stress escalate a situation to fisticuffs or worse. It is safe to assume that no one wants an assault, battery (or both) case either civil or criminal as a gift this holiday season. So do your best to avoid these situations or topics that could create unnecessary tensions.
Enjoy one another. Be kind to everyone you meet. And wear a mask! If you do not head this advice, feel free to call us at 724-550-6970 or email us at info@theskeenfirm.com. We will help you with your holiday humbugs.
*Disclaimer: this article is for informational purposes only. It is not providing legal advice. It does not create an attorney-client relationship.