Charity

Year-End Tax Tips

Now that 2017 is coming to an end, here are some things to consider: If you qualify to have a Health Savings Account you need to OPEN it by the end of the tax year. Make charitable contributions and have the necessary proof. If you bunch your itemized deductions every other year: Make sure you […]

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Tax Relief for Hurricane Victims

The IRS is offering some help to victims of Hurricanes Harvey and Irma. Read more about it here: Harvey Irma   Reconstructing records after a disaster: to recreate inventories business owners can get copies of invoices from supplies get copies of prior year tax returns: sales tax, payroll returns, business licenses, federal, state and city […]

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Last Minute Ideas!

Did you file yet?   Here’s a few ideas for saving on your income tax: Consider if you have dependents that you can claim that you haven’t thought of.  Perhaps your parents are dependents?  Are you supporting them?  Kids in college are also normally still dependents. The IRS has an interview tool you can complete […]

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Deducting mileage

There are lots of ways you can deduct mileage.  To do so though, you need to be able to substantiate that deduction. How do you do it? A mileage log for each vehicle including the Date, Destination, Business Purpose, Starting & Stopping Odometer Readings and Miles for that trip. Also keep track of business vs. […]

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Donating a car, boat, or plane?

Maybe it’s not worth the trade in value.  Maybe you need it hauled away.   Maybe you just feel like giving today.  If you donate your car to a charitable organization and want a tax deduction then here are some tips for you. Here is the Donor’s Guide to Vehicle Donations, courtesy of the IRS. […]

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Donating your griddle?

Good news. If you itemize your deductions on your tax return (and you want to do this if the total of your itemized deductions exceed your standard deduction) you can claim a deduction for the fair market value of the goods that you donate to a qualified charitable organizations. Get proof of the donation.  A door […]

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Want more than a warm fuzzy feeling?

How about a tax deduction?  Any takers?  Well if you itemize, you may be able to claim your charitable contributions on your tax return.  Here are some things to keep in mind: Does the organization qualify? – The organization to which you contribute must be a qualified organization.  The IRS offers a tool to search […]

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Have an extra $100,000? Giving from IRAs

In a giving sort of mood?  Have an IRA account that’s just sitting around collecting dust?    Don’t wanna cash it out and pay tax on the distribution just to turn around and give it to charity at the lesser, “after-tax” amount?   At least 70 1/2 years of age? Well great news!!!!   Section 112 of the […]

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