Don't worry about gift tax if you recently received a large gift from your mother and/or father. The IRS generally holds the donor liable for taxes. And if the person doesn't...
Posted by Abundant Wealth Planning LLC on 05/22/2022
The federal gift tax is intended to prevent taxpayers from disposing of their assets tax-free during their lifetime, which would prevent their assets from being subject to tax on death....
Posted by KLSM CPA Firm PLLC on 04/30/2022
Donations to qualified charities are tax-deductible and can reduce your taxable income, which can help you reduce your tax bill. You may need to itemize your tax deductions in detail...
Posted by Pat Raskob on 04/17/2022
The charitable contribution deduction has been one of the most widely used and cost-effective tax reductions available to U.S. taxpayers for many years, with nearly 37 million taxpayers...
Posted by BEST FINANCIAL GROUP LTD on 04/09/2022
Is Volunteer Work Tax Deductible?You volunteered because you care about your community and want to find a meaningful way to help others. But did you know that doing volunteer work...
Posted by Abundant Wealth Planning LLC on 03/31/2022
Not-for-profit organizations do not make a profit for their owners. Any money earned or donated to a nonprofit organization is used to promote the organization's goals and keep...
Posted by James Financial Services Inc on 03/31/2022
Do you have cryptocurrencies? Maybe you bought BTC when it cost $1 and decided to sell it this year and make a big profit from it. Or maybe you joined the latest revolution and bought...
Posted by BEST FINANCIAL GROUP LTD on 03/31/2022
Do you have an old vehicle that you no longer use?If so, one option to dispose of it is to donate it to a charity. Depending on the needs of the charity and the type of vehicle you...
Posted by Abundant Wealth Planning LLC on 03/10/2022
Charitable life insurance donations offer a way to raise funds to increase donations and reduce taxes.This is a less common strategy. There are a variety of tax considerations and...
Posted by James Financial Services Inc on 02/28/2022
