Tag Archives: Charitable Contributions
As a result of the overhaul, the number of tax returns claiming deductions for charitable contributions is expected to fall by more than 50%. For 2018, approximately 15 million filers will take this write-off, compared to approximately 36 million for 2017. The standard 2018 deduction is almost double the 2017 level, rising from $6,350 to […]
— Read moreTaking as many deductions as you are legally entitled to is a great idea, especially if you want to maximize your tax benefit. However, it may not be as obvious as you’d think when it comes to taking deductions legally. Avoid the following deductions, as they are often used in error. Weight Loss Deduction: You […]
— Read moreEach tax year, many Americans end up paying more than they have to in taxes just because they don’t claim all the deductions they qualify for. No one wants to pay more than is necessary, so before you file your taxes make sure you have taken all the deductions you can. You may be able […]
— Read moreCharitable donations are deductible if the amount of the donation is within a certain threshold, based off your adjusted gross income (AGI). In most cases, the upper limit is 50% of your AGI for donations, meaning a taxpayer with a $50,000 AGI can deduct up to $25,000 of charitable contributions. In order to deduct items […]
— Read moreNot only can making a donation to those in need feel great, it can also benefit you at tax time. Depending on a few requirements, you may be able to deduct your charitable gift from your taxes. If you’ve made a contribution, consider the following tips to see if you are eligible to claim a […]
— Read moreDonating to charity is a great idea, and may even afford you a tax deduction. It’s necessary that you keep a clear and accurate record of your charitable contributions in order to qualify for a tax deductions. You will need a hard copy record of the donation if you want to deduct it on your […]
— Read moreYou are able to deduct donations you made to charity if you itemize your deductions when you file your taxes. In order for your donations to be eligible for deduction, all of your contributions have to be made to qualified organizations. You can never deduct money you’ve paid to an individual. The IRS has set […]
— Read moreChosing to itemize your deductions at tax time can prove beneficial in many ways. When you itemize, you list all of your expenses and amounts paid on Schedule A of Form 1040 when you file your tax return. These expenses can range from medical or dental care and state or local income tax, to mortgage […]
— Read moreOften, you’ll have to choose between itemizing your deductions and taking a standard deduction when you are filing your taxes. You should determine what your deductions amount to using both methods, then choose which option decreases the amount of tax that you owe. Typically, the method that leads to the largest deduction will provide the […]
— Read moreGiving to charity can have a lot of benefits. It helps others in need, can make you feel good, and can help you get a tax deduction. There’s all around positives to donating to charity, especially if you follow a few tips that can help you deduct the gift from your tax return. Here are […]
— Read more
