Tag Archives: charitable contributions

tax deductible charitable giving

Important Information About Charitable Giving This Year

donations and tax-deductible charitable givingFor many nonprofits and taxpayers alike, Giving Tuesday is the start of the charitable giving season. While most organizations are legitimate, taxpayers should always research charities before donating. It is also a good idea to understand the expanded tax benefits of giving to causes that mean something to you personally. Taxpayers should also know that they may be able to deduct donations to tax-exempt organizations on their tax returns.

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gift tax

Tips to Help You Figure Out if Your Gift is Taxable

tax on giftIf you’ve given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually does not apply until the value of the gifts you give that person exceeds the annual exclusion for the year. Continue reading

small business owner

10 Smart Tax Tips for Small Businesses in 2021

small business taxesTo run a successful small business, there are a few tax tips every owner should know to help save money and minimize their tax liability. Here are our top ten tips: Continue reading

covid-19 tax relief

The COVID-Related Tax Relief Act of 2020

covid tax reliefThe Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020. Continue reading

SMALL BUSINESS: DEDUCTIONS FOR CHARITABLE GIVING

charity_small

Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s what you should know. Continue reading

Tax Breaks for Taxpayers Who Itemize

deductionsMany taxpayers opt for the standard deduction because it’s easier, but sometimes itemizing your deductions is the better choice–often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here’s what to keep in mind: Continue reading

Tax Breaks for Business: Charitable Giving

tax breaks for businessTax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s what you should know. Continue reading

Year-End Tax Planning for Individuals

year-end tax planningWith the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for next year. Continue reading