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Posts Tagged ‘Charitable Contribution’
Fifty Shades of Tax Deductions
No Fifty Shades of Grey here. Here are Fifty Black and White Tax Deductions and Credits.
1) Standard Deduction – Taxpayers can take the higher of the Standard Deduction or their Itemized Deductions.
2) Medical Expenses
3) Medical Miles – The deduction for medical miles is currently 23 cents per mile.
7 Easy Ways to Decrease Your Income Tax and Keep More Money
1) Maximize Your Contributions to Your 401(k) Plan
Many employers will offer a 401(k) plan. Employees need to take advantage of this plan. This will likely be one of the cornerstones of your retirement plan. If your employer offers a match, you really need to participate in this plan at least to get the match amount.
2012 Tax Benefits Increase Due to Inflation Adjustments
Every year the IRS must adjust the dollar amounts of a variety of provisions which affect every taxpayer, to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013 include the following:
5 Reasons Taxpayers over Age 70 1/2 Should Make a Charitable Donation From Their IRA
In December, 2010 President Obama signed into law the tax bill which extends many of the Bush-Era federal income tax cuts and the Pension Protection Act of 2006. This law has extended the provision that allows some people to make qualified charitable distributions from their IRAs.
Donation Danger! Proceed with Caution!
Guest Post by Stephen Pedneault, CPA, CFF, CFE
Each time a tragedy strikes in the world, many people feel a strong sense of wanting to help the victims in any way possible. There is a huge outpouring of support from around the globe comprised of financial and non-financial support.
