Gift tax: The exclusion limit for 2025, how it works and who has to pay
The gift tax prevents large tax-free transfers of wealth. But few taxpayers owe this tax, thanks to the annual and lifetime exemptions.
5 min read
Jun 13, 2025
Andrea Coombes, CFP®
Editor, Taxes
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25Years of experience
LICENSE
- CERTIFIED FINANCIAL PLANNER™
EXPERTISE
- Individual income taxes
- Tax planning and strategy
- U.S. tax policy
- Personal finance
- Investing
- Saving for retirement
EDUCATION
- University of California, Berkeley; B.A. in Sociology
- University of California, Berkeley; Master’s in Journalism
- University of California, Berkeley, Extension; Certificate in Personal Financial Planning
Andrea Coombes, a tax editor at Bankrate, translates complex personal finance topics into understandable language that helps people live their best financial lives. She’s a CERTIFIED FINANCIAL PLANNER™ and over the past 25 years has worked as a financial coach, personal finance writer and editor, and volunteer tax preparer.
Her work has been published in The Wall Street Journal, USA Today, MarketWatch and many newspapers nationwide. She's been interviewed on local and national TV and radio, including NPR's All Things Considered, CBS News, NASDAQ and Marketplace.
Andrea has moderated panels on how to invest for retirement, how to use 529 college savings plans and more, and she's an experienced personal-finance speaker who has presented to groups on a variety of topics such as how to budget, improve credit, manage debt, and build savings. She's also worked as a personal financial coach and certified consumer credit counselor, helping people reach their goals. For two tax seasons, she worked a volunteer tax preparer.
Andrea beyond Bankrate
A lot of people are nervous about doing their taxes, and about managing their money in general. I'm here to say: It's not rocket science. There are small steps each of us can take to slowly start moving towards our long-term goals. We can do this, people.
— Andrea Coombes, CFP®
Andrea's latest articles
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Gross income: Definition, why it matters and how to calculate it
Gross income is your total pay, before deductions or taxes are taken out. It plays a big role in some key personal finance calculations.
4 min read Jun 17, 2025 -
Value-added tax (VAT): What it is and how it works
Value-added tax (VAT) is not unlike sales tax, but there are key differences. Many countries impose a VAT instead of sales tax.
5 min read Jun 17, 2025 -
LLCs and taxes: Here’s how to file taxes for an LLC
If your business is an LLC, you’ll need to pick the tax-filing status that suits your business best.
5 min read Jun 16, 2025 -
What is an LLC, and how does it work?
An LLC can reduce the legal liability of its members, among other benefits, but there are some disadvantages to consider, too.
4 min read Jun 16, 2025 -
Sales tax deduction: How it works, who is eligible and how to claim it
Here’s how the sales tax deduction works, what purchases are eligible and how to claim it.
5 min read Jun 13, 2025 -
Hurricane-related tax relief: 4 tips to help you weather the financial aftermath
Hurricanes can cause immense destruction, but these tax benefits can help alleviate some of the financial costs.
5 min read Jun 10, 2025 -
Self-employed? Your next estimated tax payment is due soon
If you’re self-employed, don’t forget this important tax-payment deadline coming up fast in June.
4 min read Jun 10, 2025 -
2024-2025 tax brackets and federal income tax rates
Find your federal income tax bracket for 2024 and 2025 to understand what your tax rate is.
9 min read Jun 07, 2025