Author's posts
Dec 21
Charitable Contributions
As with most tax laws, charitable contribution tax deductions have changed this year. Charitable Contributions for older owners of individual retirement accounts (IRA) is scheduled to expire December 31, 2011. If you are not aware, an IRA owner, age 70 ½ or older, can directly transfer TAX-FREE up to $100,000 to an eligible charity. This …
Dec 16
Tax Credit Helps Workers Save for Retirement
Workers can take steps now to save for retirement and earn a special tax credit now and in the years ahead. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs, 401(k) plans and similar workplace retirement programs. One can set up a new individual retirement arrangement or add money …
Dec 12
Mileage Rate for 2012
Optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes has been announced for 2012. Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 55.5 cents per mile for business miles …
Nov 22
Managing Your Tax Records
As we near the end of the year, it is time to start thinking about tax preparation. Records, receipts and supporting logs are all needed to prepare an accurate tax return. You will also need these documents when the IRS selects your return for a tax audit. The IRS has added thousands to their staff …
Nov 01
Charitable Contributions Help Lower Taxes
Charitable contributions made to a qualified organization may help to lower a tax bill. To help ensure your contribution is deductible, pay attention to the following reminders. Your contribution must be to a qualified organization, check with the organization to ensure your contribution is tax deductible. If you give to a specific individual, a political …
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