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Merit Awards and Prizes: Are they Taxable?

Merit Awards and Prizes: Are they Taxable?

One might be lucky and win an award for a distinguished contribution to the community, science, or art. It is important to wonder if one needs to pay income tax. Sadly Yes!Prizes,...

Posted by McCool's Tax Service on 03/22/2021

Camp Hill PA Tax Pro for Merit Awards Tax Preparer for Prizes Charitable Deductions TCJA IRS Schedule A Award AGIItemize Deductions
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Charitable Tax Deductions: An Additional Reward for Giving Gifts.

Charitable Tax Deductions: An Additional Reward for Giving Gifts.

Due to the global pandemic and related restrictions, donations to charities are needed more than ever. And with a charitable tax deduction, your magnanimity will be rewarded.Charitable...

Posted by Fred Lake on 01/30/2021

Ponchatoula LA Tax Pro for Charitable Tax Deductions Tax Preparer for Charitable Gifts Giving Gifts Charitable Deductions Standard Deduction COVID AGI GoFundMe
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Are Merit Awards and Prizes Taxable?

Are Merit Awards and Prizes Taxable?

What if you had the chance to win an award of excellence for your outstanding contributions to art, community service, or science? Do you have to pay income tax on this amount? The...

Posted by Karen Munoz, EA on 12/31/2020

Kyle TX Tax Pro for Merit Awards & Prizes Tax Preparer for Merit Award Find a Tax Accountant for Merit Awards & Prizes Charitable deduction TCJA
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2021 Tax Season: What You Need To Know Before Filing

2021 Tax Season: What You Need To Know Before Filing

It is the last day of 2020, and the IRS encourages taxpayers to take the necessary steps in the final days of the year to file federal tax returns in a timely and correct manner before...

Posted by Fred Lake on 12/31/2020

Ponchatoula LA Tax Pro for 2021 Tax Season Tax Preparer for Pub 5348 Pub 5348 Notification 1444 Recovery Rebate Credit 1040 1040-SR Interest In Taxable Refunds Changes In Charitable Deductions Refunds
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The New Charitable Deduction for Non-itemizers

The New Charitable Deduction for Non-itemizers

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

Kyle TX Tax Pro for Charitable Deduction for Non-itemizers Tax Preparer for Charitable Deduction Find a Tax Accountant for Deduction for Non-itemizers section 2204 CARES COVID AGI Schedule A TCJA DAF RMD Roth
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Rules and Guidelines for Deducting Charitable Deductions

Rules and Guidelines for Deducting Charitable Deductions

One way to reduce your taxable income and lower your tax bill is to donate to qualified charities. This involves itemizing deduction to qualify to claim it. The only condition where...

Posted by The TaxAdvocate Group, LLC on 08/07/2020

Middle Village NY Tax Pro for Charitable Deductions Tax Preparer for Non-cash Contributions Find a Tax Pro for Charitable Contributions
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Charitable Deductions - What Exactly Are They?

Charitable Deductions - What Exactly Are They?

Charitable deduction can be defined as those deductions which the tax payers have to pay when they donate money to any kind of charity. The charity must qualify for these deductions...

Posted by Advantage Tax Service on 10/26/2018

Charitable Deductions California Tax Preparer
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Charitable Deductions - What Exactly Are They?

Charitable Deductions - What Exactly Are They?

Charitable deduction is particularly the donation and contribution to charity with the deductions for the tax payers. The charitable deductions will permit the tax payers to deduct...

Posted by ALJ Business Services,LLC on 10/26/2018

Charitable Deductions New Jersey Tax Planning
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Charitable deductions - What exactly are they?

Charitable deductions - What exactly are they?

Charitable deduction is the contribution and donation to charity with deductions for tax payers. Charitable deductions allow the tax payers to deduct the contributions they do to qualify...

Posted by CONTINENTAL TAX AND ACCOUNTING SERVICES on 07/16/2018

Charitable deductions North Carolina Accounting
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