contribution

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Charitable donations – Cash vs In kind? Does a pledge count?

Based on numerous reports around three out of four Americans donate to charity on a regular basis. These donations if made to the appropriate organizations, tax-exempt organization by section 501(c)(3) of the Internal revenue code, then, you can deduct in your itemized deductions.  You can use the IRS tool for Tax Exempt Organization Search  Note

New items and changes impacting 2021 taxes

In the Issue Number: COVID Tax Tip 2021-187, the IRS makes references to several items that are new or have changed for 2021, such as: Changes to the charitable contribution deduction Taxpayers who don't itemize deductions may qualify to take a deduction of up to $600 for married taxpayers filing joint returns and up to

By |2021-12-17T18:41:22+00:00December 18th, 2021|Categories: Individuals|Tags: , , , , , , , , |

Retirement contributions – 2022 updates

On November 4, the IRS released notice 2021-61 which contains technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022 . The IRS highlighted the following changes in their communication IR-2021-216: The contribution limit for employees who participate in 401(k), 403(b),

By |2021-11-05T14:11:17+00:00November 5th, 2021|Categories: Business, Individuals|Tags: , , , , , , , |

Extended tax benefits for charity during 2021; deductions up to $600 cash donations by non-itemizers

In the IRS Issue Number: IR-2021-190, there are some updates for those taxpayers giving to charity in 2021. Some of these updates are below: Deduction for individuals who don’t itemize; cash donations up to $600 qualify Ordinarily, individuals who elect to take the standard deduction cannot claim a deduction for their charitable contributions. The law

By |2021-09-21T00:02:43+00:00September 21st, 2021|Categories: Individuals|Tags: , , , , , |
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