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Posts Tagged ‘Itemized Deductions’
6 Proven Reasons to Make a Charitable Donation from Your IRA to Save Money
The American Taxpayer Relief Act of 2012 has temporarily extended the ability of certain taxpayers to make charitable donations from their IRA.
The Basics
Charitably inclined taxpayers over age 70 1/2 can donate up to $100,000 per year from their IRA to a qualified charity. This is known as a Qualified Charitable Distribution. The donation must be made directly from the … Continue reading »
A Summary of the American Taxpayer Relief Act of 2012
The Federal Government avoided the Fiscal Cliff...Well, for now any way.
At the very last minute they passed the American Taxpayer Relief Act of 2012. Here are some of the highlights:
Income, Capital Gains and Qualifying Dividends Tax
Why the Fiscal Cliff is Fiscally Irresponsible
The Federal Government and the country are set to go off the Fiscal Cliff on New Year’s Day.
The term Fiscal Cliff refers to number of laws that if they remain unchanged, could result in significant tax increases and spending cuts.
8 Reasons You Will Pay More Taxes in 2013…Guaranteed
1) Increase in Ordinary Income Tax Rates
The highest ordinary income tax rate is 35%. This is scheduled to go up to 39.6%
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.
