Posts Tagged ‘Charitable Donations’


HELP US PAY IT FORWARD -> 13th Annual Food Drive Underway

Borgida & Company, P.C., CPAs, in conjunction with MACC Charities, is holding its 13th annual food drive. Your good deed will help many!!

Drop Off Your Donation Between November 1-November 30

All non-perishable food items welcome. Needed items include tuna fish, stews, canned fruits and vegetables, instant potatoes, dried pasta, dried milk, soups, peanut butter, rice, and “sugar … Continue reading »


7 Smart Year End Tax Planning Moves

 

1) Harvest Capital Losses

Capital gains property includes stocks, bonds and mutual funds.  Currently, the stated rate on long term capital gains is 15%.  If you have a net loss after netting all of your gains and losses, the tax deduction is limited to $3,000. Any excess capital losses can be carried into the future.


The 5 Most Common Itemized Deductions

Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence.  However, there is a limitation on this.  The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit.  Points paid to secure a mortgage when purchasing a new home are fully deductible.  Points paid on a refinance must be amortized over the life of the loan.