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Ensure You Qualify for Charitable Donation Deductions
Giving to charity can provide you with a warm feeling as well as a nice tax break. But you've got to itemize deductions on your tax return. And, like most tax breaks, charitable deductions come with a number of rules you must follow to actually...
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IRA Charitable Donations: An Alternative to Taxable Required Distributions
You can make cash donations to IRS-approved charities out of your IRA using so-called "qualified charitable distributions" (QCDs). This strategy may be advantageous for high-net-worth individuals who have reached age 70 1/2. It expired at the...
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How to Claim Lesser-Known Breaks for Business Charitable Donations
Making donations to charities is more than good business citizenship. It can also lower your tax liability. Some lesser-known federal income tax breaks for charitable donations by businesses were retroactively reinstated and made permanent by the...
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Donating a vehicle might not provide the tax deduction you expect
All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your...
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Maximize the Tax Deductions Available for Your Generosity
The reporting requirements for claiming charitable contributions of cash on your tax return can be strict. If you don't follow them, your deductions may be disallowed by the IRS. You should also be aware that stringent rules also apply to...
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Don't Overlook Miscellaneous Itemized Deductions
Many people itemize deductions on Schedule A of their tax returns, rather than taking the standard deduction. Your tax preparer will generally advise you to do so if your allowable itemized deductions exceed the standard deduction. Most itemized...
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Consider Taxes before Converting Your Home to a Rental Property
Have you ever thought about becoming a landlord? This option may be tempting if your local real estate market is surging and rental rates are strong, especially if you're already planning to relocate or downsize to a smaller home. Ideally, you'll...
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When an elderly parent might qualify as your dependent
It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent...
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