Posts Tagged ‘Charitable Contribution’


Record-breaking 13th Annual Food Drive

Sending out a special note of appreciation to the Borgida & Company clients and staff who donated a record-breaking 2,650 pounds of food and $1,235 in monetary donations to our 13th annual MACC food drive!!

During an Open House celebration on Wednesday, November 28th donations poured in while guests enjoyed a pot-luck dinner prepared by Borgida staff and music … Continue reading »


5 Reasons Taxpayers over Age 70 1/2 Should Make a Charitable Donation From Their IRA

The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. Beginning in 2018, Single filers can claim $12,000, Head of Household $18,000 and Married Filing Jointly $24,000. Additionally, the maximum amount that can be deducted for state and local income tax is $10,000.  Before this change, it was estimated that about 30% of taxpayers itemized their deductions. After this change it is estimated that about only 10% of taxpayers will itemize their deductions.

Individuals over age 70 ½ … Continue reading »


7 Ways The 2017 Tax Bill Affects Connecticut Taxpayers

 

 

1) Decrease in Income Tax Rates

 

The 2018 income tax rates are as follows:

Single                                        Married Filing Joint 10%  up to $9,525                      Up to $19,050 12% $9,526 to $38,700               $19,051 to $77,400 22% $38,701 … Continue reading »


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.