Nonitemizers can claim a deduction The CARES Act makes two significant changes to the rules governing charitable deductions for individuals. Individuals will be able to claim a $300 above-the-line deduction for cash contributions made to public … [Read more...] about New charitable contribution rules
Business taxpayers must use depreciation to deduct the cost of property purchased for use by the company. Basically, depreciation spreads the cost across the useful life of the property. Two options can allow you to take the expense earlier or … [Read more...] about Depreciation Tax Notes
Donate via your IRA With the larger standard deduction amounts beginning this year, many people could lose the tax benefit of making charitable contributions. To reduce tax liability, certain taxpayers could use a qualified charitable distribution … [Read more...] about Charitable Contributions
How much are you eligible for? Beginning in 2018, the child tax credit increases to $2,000 per qualifying dependent child age 16 or younger at the end of the calendar year. This is a huge benefit because a credit reduces your tax bill … [Read more...] about Tax credit for children and qualifying dependents
How to reap the full tax benefit You’ve done your cleaning and now you have boxes of outgrown clothing and unused household items. Should you toss them, have a garage sale or keep them?If you opt for a garage sale, you have to devote time to … [Read more...] about Donating Non-Cash Items to Charity
Search expenses can be tax deductible If you are searching for a new job that is in the same line of work you currently have, you may be able to deduct some job-hunting expenses on your federal income tax return. Expenses are deductible even if you … [Read more...] about Looking for a New Job?