According to Uncle Sam, charitable contributions are donations or gifts to qualified organizations. However, some rules guide these donations before one can claim charitable donations. Charitable...
Posted by KLSM CPA Firm PLLC on 05/30/2021
This historic pandemic triggered a 25% rise in the freelancing market last year in which many people turned to work from home to supplement their income. For long-time gig workers...
Posted by Income Taxes and Bookkeeping LLC on 05/19/2021
Understanding Itemized Deductions We define itemized deductions as a series of expenses with which one can reduce taxable income on a tax return. It includes medical bills, interest...
Posted by Rosovich & Associates, Inc. on 05/18/2021
Many people are less concerned about whether they owe gift taxes or not. A gift tax return is a Federal Government tax return often filed with certain terms and conditions by the gift's...
Posted by Rosovich & Associates, Inc. on 04/29/2021
Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...
Posted by Elliot Kravitz, ATP on 03/17/2021
What are itemized deductions?Itemized deductions are a list of expenses that you can use to reduce taxable income on your federal income tax return. These include medical bills, taxes,...
The COVID 19 relief package passed in March 2020 includes provisions valued at $2.3 million to cushion the pandemic's effect. It is called CARES Act and comes with a package for...
Posted by Taxes Made EZ Inc on 02/23/2021
The I.R.S requires that you report all taxable donations you make during the year and pay the appropriate tax. However, the average taxpayer never files a gift tax return or pays gift...
Posted by Unifirst Financial & Tax Consultants on 01/22/2021
For people that want to donate money to a political campaign, it is essential to think if one can deduct it from your tax return. The answer is no, as Uncle Sam specifies that...
Posted by Tucker Accounting Services LLC on 05/06/2021
