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 you don’t itemize your deductions for federal purposes, you should still track them since you […]
Tag: Tax Deductions
Simple Summer Tax Tips to Save You Time
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 credit. Now that’s something you never thought about but, hey, a genuinely good idea! What […]
Charitable Gift Annuities: The Smart Way to Give Back
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 a variety of other assets) transferred to a 501(c)(3). After the donor’s death (or the […]
Credits vs. Deductions: What’s the Difference?
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, after it is calculated. A tax credit valued at $1,000, for example, lowers your tax […]
How To Prepare for Tax Season
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 all your information forms before filing to avoid having to file an amended return later. […]