There is some tax relief from the CARES Act to help charitable organizations cushion the coronavirus's effect. This tax relief aims to encourage donors for the 2020 tax return...
Posted by Dennis Jao on 11/24/2020
Several charities are experiencing a drop in donations as the United States grapples with the COVID health crisis. In response, Congress included a clause in the CARES Act, designed...
Posted by Karen Munoz, EA on 11/20/2020
When allowable deductions exceed gross income in a fiscal year, you end up with a net operating loss. To calculate your business's net operating loss, you must deduct the tax deductions...
Posted by Dennis Jao on 11/16/2020
The law, known as TCJA (Tax Cuts and Jobs Act of 2017), made many important changes to the Federal Tax Code. Among the numerous changes made to the code is a provision on fees associated...
Posted by BEST FINANCIAL GROUP LTD on 11/09/2020
A taxpayer who has limited resources but wishes to make a deductible charitable contribution has limited options. While the amount of volunteer charitable work cannot be deducted,...
Posted by Aurelia E Weems CPA on 10/21/2020
The US tax system is a payment system. Generally, you have to pay taxes as you earn. Otherwise, you will be fined for the late payment of the estimated costs. The estimated quarterly...
Posted by BEST FINANCIAL GROUP LTD on 10/21/2020
If you want to set money aside for your retirement, an Individual Retirement Account (IRA) provides the perfect opportunity. There are some tax advantages of IRA – it allows...
Posted by James Financial Services Inc on 10/16/2020
The CTC (Child Tax Credit) is intended to increase the income of parents or guardians of children and other dependents. It only applies to dependents under 17 years of age on the last...
An education savings bond program allows eligible taxpayers to exempt all or part of the interest earned on eligible savings bonds' redemption from gross annual income. Securities...
Posted by James Financial Services Inc on 09/14/2020
