Following are some provisions in the Cares Act: Changes related to distributions from retirement accounts The tax can be paid ratably over a 3 year period instead of all in the year of distribution The 10% early withdrawal penalty is waived for distributions up to $100,000 for coronavirus related purposes during 2020 The purposes include […]
Due to the tax law changes implemented in 2018 that included a significant increase in the standard deduction, far fewer taxpayers are itemizing their deductions. For most taxpayers who take the standard deduction, charitable contributions are not deductible. However, if you are 70 1/2 or over, you may still be able to reduce your tax […]
When compiling your tax documents remember that…….yes….the IRS wants you to keep track of the mileage for business, rental, etc use. Here’s what they want (in written form) for your records. If you get audited they may ask to see it. Which vehicle and for each Date: the address and mileage from place to place […]
Now that 2017 is coming to an end, here are some things to consider: If you qualify to have a Health Savings Account you need to OPEN it by the end of the tax year. Make charitable contributions and have the necessary proof. If you bunch your itemized deductions every other year: Make sure you […]
The IRS is offering some help to victims of Hurricanes Harvey and Irma. Read more about it here: Harvey Irma Reconstructing records after a disaster: to recreate inventories business owners can get copies of invoices from supplies get copies of prior year tax returns: sales tax, payroll returns, business licenses, federal, state and city […]
Did you file yet? Here’s a few ideas for saving on your income tax: Consider if you have dependents that you can claim that you haven’t thought of. Perhaps your parents are dependents? Are you supporting them? Kids in college are also normally still dependents. The IRS has an interview tool you can complete […]
There are lots of ways you can deduct mileage. To do so though, you need to be able to substantiate that deduction. How do you do it? A mileage log for each vehicle including the Date, Destination, Business Purpose, Starting & Stopping Odometer Readings and Miles for that trip. Also keep track of business vs. […]
Maybe it’s not worth the trade in value. Maybe you need it hauled away. Maybe you just feel like giving today. If you donate your car to a charitable organization and want a tax deduction then here are some tips for you. Here is the Donor’s Guide to Vehicle Donations, courtesy of the IRS. […]
Good news. If you itemize your deductions on your tax return (and you want to do this if the total of your itemized deductions exceed your standard deduction) you can claim a deduction for the fair market value of the goods that you donate to a qualified charitable organizations. Get proof of the donation. A door […]
How about a tax deduction? Any takers? Well if you itemize, you may be able to claim your charitable contributions on your tax return. Here are some things to keep in mind: Does the organization qualify? – The organization to which you contribute must be a qualified organization. The IRS offers a tool to search […]
