Tag Archives: contributions
Five Tips for Non-Cash Charitable Contributions One way to protect the value of your charitable donation deduction is keeping good records. Here are five tips to help ensure your deductions are iron clad. The IRS is quick to disqualify your non-cash charitable contributions if you do not have adequate records to support your donation. Here are five quick tips to ensure this does not happen to you. Get a receipt. …Read More
Often during an audit, what you thought was a qualified deduction to a charitable organization is ruled non-deductable. How can this happen? Here are some hints to make sure your charitable contributions are put to good use, both at the charity and on your tax return. November and December seem to be the months we are rained upon with charitable organization solicitations. Some of the groups, such as the American …Read More
Too often taxpayers lose out on the opportunity to reduce their income by the value of their donations. Here are some tips to make sure this does not happen to you. One often over-looked way to reduce your tax obligation is to donate gently used items to a favorite charity. Too often this is done without the necessary forethought to ensure you can deduct the value of these donations on …Read More
With the re-introduction of itemized deduction phase-out, does it still make sense to contribute to charities? For most taxpayers, the answer is a resounding yes. Continue to make charitable contributions. Here is what you need to know. In 2013 federal tax legislation reintroduces the phase-out of itemized deductions for certain taxpayers. Because of this, many who are subject to itemized deduction phase-outs wonder if the benefit of charitable giving is …Read More
Remember you have until April 15th to fund last year’s IRA contributions. Here is what you need to know. Remember you have until you file your tax return to make a contribution to a Traditional IRA or Roth IRA for the 2012 tax year. The annual contribution limit is $5,000 or $6,000 (if you are age 50 or over). Prior to making the contribution, if you (or your spouse) are …Read More