The IRS reminds us in IR—2024-289 individual retirement arrangement (IRA) owners age 70½ and older can make up to $108,000 in 2025 from $105,000 in 2024 in tax-free charitable donations during 2025/ 2024 through qualified charitable distributions (QCD’s). Also that for those age 73 or older, qualified charitable distributions (QCDs) also count toward the year’s […]
The IRS reminds taxpayers with Tax Tip 2023-110 how they can help determine if a charity is legitimate. When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities. Sadly, criminals are just as likely to […]
Some excellent recourses available by the IRS when it comes to charitable giving! Is the charitable organization a legit US registered charity, how to fair value items, rules on deductibility, and non-cash donations. Taxpayers who donate to a charity may be able to claim a deduction on their tax return. These deductions basically reduce the […]
If you’re a taxpayer who gives money or property to others, you may wonder if the federal gift tax applies to you. Fortunately, while any gift is potentially taxable, gifts are only subject to gift tax in a few specific situations. Here are seven things taxpayers need to know about the US federal gift tax: […]
Were you charitable this year? If so you may be able to claim a deduction on your 2016 federal income tax return. Donations of money or goods by December 31, 2016 made to an eligible organization can cut your tax bill. Please note that if you received something in return for your donation your deduction […]
If you gave money or goods to a charity in 2015, you may be able to claim a deduction on your federal tax return. Here are six important facts you should know about charitable donations. 1. Qualified Charities. You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. An
IRS YouTube Videos: Charitable Contributions: English | Spanish | ASL Exempt Organizations Select Check: English | Spanish | ASL WASHINGTON ― The Internal Revenue Service today reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2015 tax returns. This is the fifth in a series […]
The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind: 1. […]
IRS YouTube Videos: Charitable Contributions: English | Spanish | ASL Exempt Organizations Select Check: English | Spanish | ASL WASHINGTON — The Internal Revenue Service today reminded individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years. Some of the changes taxpayers should keep […]
Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are several tax tips that you should know if you travel while giving your services to charity. […]
