Can i gift $ to my children to lower my taxable income?
No. Gifts you give to your children do not lower your taxable income. Gifts given to individuals are not deductible.
Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.Money that you gave as a gift to someone else is not deductible for your taxes.
Turbo Tax does not support the gift tax form 709, but here is a link: