#Tax Deductions

Tis the season for charitable giving

MIAMI - Thanksgiving often marks the beginning of the charitable giving season. For the past two years, taxpayers who claim the standard deduction were able to get a deduction for qualifying charitable contributions. That benefit no longer exists. To receive a tax benefit for giving in 2022, you must itemize. If you have a taxable investment account, you can gift highly appreciated securities to charities. You can write off the current market value, not just what you paid, and avoid capital gains taxes. If you're over 70 ½, consider a Qualified Charitable Distribution, which allows you to make a gift...
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Spotlight on ‘Backpack CPA’ and Website Developer Vimal Bava

Our Spotlight series highlights the careers and lives of tax professionals across the globe. This week’s Spotlight is on Vimal Bava, a certified public accountant and website developer in Bryant, Ark., a suburb of Little Rock. Bava markets himself as “The Backpack CPA” because of the digital backpack he...

news about data storage for checks, output and reception

With the provision of 24 November 2022L’Revenue Agency rewrites the rules underlying theemission and of receiving electronic invoices. The drive comes from the need to give shape to Announcementsnow dated, on the storage of data for controls contained in the 2020 Tax Decree. After three years of back and...

Non Profit Donation Receipt Template

Non Profit Donation Receipt Template – A 501(c)(3) donation receipt must be completed by the charity when receiving a gift of $250 or more. It is used by individuals who have donated cash or payments, personal property or vehicles and wish to claim the donation as a tax deduction.

Debunking Misconceptions About the Section 179 Tax Deduction

Section 179 is one of the more misunderstood parts of the US tax code. While many companies take advantage of the tax deduction for equipment purchases, a surprising number of US businesses do not. Data is hard to come by, but according to a 2016 report by the US Department...

How to Setup a College Savings Account for Your New Baby

There are several ways to set up a college savings account for your baby, from 529 savings accounts and Coverdell ESAs to more general savings and investment accounts, such as Individual Retirement Accounts. Let’s take a look at some of the best types of college savings accounts, and how to set one up for your little one, because the earlier you get started with saving for college, the better.

IRS releases tax rate schedules for 2023 tax year

WASHINGTON, D.C., November 25, 2022—The Internal Revenue Service announced in October the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments. New for 2023. The Inflation Reduction Act...