Back in 2017, Congress passed the Tax Cuts & Jobs Act. Part of this Act doubled the standardized deduction. Since then, many people who used to itemize their deductions are now opting to take the Standard Deduction instead of itemizing their deduction. One draw back is that charitable contributions are included in the itemized deductions. […]
2020 Year End Tax Planning – $300 Charitable Contribution Deductions Read More »
The IRS issued proposed regulations on the tax treatment of charitable contributions made in exchange for state and local tax credits. In other words, this is when you make a charitable contribution and your state or local taxing authority gives you a credit against your taxes.
If you need to confirm you have all your tax information, you need to get an IRS Wage & Income Transcript.
What is an IRS Wage and Income Transcript and why you need one? Read More »
GoFundMe is a popular way to support causes you care about and provide financial support to victims and survivors of natural disaster and man-made disasters. A common question is whether these “contributions” are tax-deductible as charitable contributions.
I want to help. Can I deduct my GoFundMe contribution? Read More »