The IRS issued a warning regarding scams related to Hurricane Harvey. The IRS is encouraging people to donate only to recognized charitable groups. Here is a look-up tool. Charitable donations to individuals are NOT a tax deduction. Only donations to recognized charitable 501c3 organizations can be deducted. IRS Publication 526 – Charitable Contributions
This scam looks like it is from the IRS & the FBI. DON’T FALL FOR IT!!!!!!!!!!! It includes a link that you are instructed to click on. If you do click on it, malware called RANSOMWARE will be downloaded which will prevent you from accessing data on your device unless you pay money to […]
Beginning in 2017 the threshold for deducting Qualified Medical/Dental/Optical expenses goes up to 10% of your Adjusted Gross Income for ALL AGES. Prior to 2017 older taxpayers could deduct amounts over 7 1/2% of Adjusted Gross Income. Remember to keep track of medical mileage. Also, Long Term care is a deduction (for Ohio also even […]
New job? Did they hand you a Form W-4 to fill out? Confused? Well you aren’t alone. This form seems to confuse a lot of people. What you are doing is telling your employer how much to withhold from your paychecks. The higher the number of allowances, the less they withhold and the less you […]
Giving money to a qualified charitable organization? Well, if you have appreciated stock then think about giving that instead. You will get to deduct the Fair Market Value and not pay tax on the appreciation. It must be a direct contribution.
