non-itemizer

Home|Tag: non-itemizer

IRS estimated tax gap of around $668 billion for 2021

The IRS is reporting the tax gap (amount of money that taxpayers are not settled with the Federal tax authority or the true tax liability versus the paid tax on time) amounts to around $668 billion for 2021. The breakdown is as follows (per IRS blog), comprising three components: Nonfiling, which means tax not paid

By |2024-11-12T20:29:23+00:00October 14th, 2023|Categories: 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 |2024-11-18T00:18:13+00:00September 21st, 2021|Categories: Individuals|Tags: , , , , , |
Go to Top