Charitable contributions are deductible, says the IRS, only if you itemize deductions. And further, they are deductible only if you make contributions to qualified charitable organizations. The tax agency reminds us that contributions to individuals are never deductible. Even if
What is June without weddings? If you’re getting hitched, here are some tips to make filing your taxes easier: How about summer camp? If you’re sending a child to camp, the cost may count toward the child and dependent care
A charitable gift annuity is an irrevocable planned giving arrangement in which up to two annuitants, generally the donor and their spouse, receive a regular payment for life based on the value of assets (which may be cash, securities or
Tax deductions and tax credits can both help you, but that doesn’t mean they’re the same thing. Knowing how they work can help you understand your tax situation. Tax credits are subtracted from your final tax liability, dollar for dollar,
Want to make sure your tax paperwork is organized? Keep excellent records all year. That way, after the end of the year, you just gather applicable tax documents that arrive in the mail or become available online. Ensure you’ve received
Reduce your taxes or increase your refund for your next return by planning throughout the year. The IRS suggests that your first consideration should be going to IRS.gov for online tools that can help you file and pay taxes, find
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income)
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you
If you’re a business owner who wants to eliminate the uncertainty in developing a new product or improving an existing one, you’re probably engaging in research and development activities. Whether expenses qualify as R&D expenses depends on the nature of