Charitable Contributions Recordkeeping Requirements

Charitable Contributions Recordkeeping Requirements

Recordkeeping Requirements Recordkeeping Requirements for Charitable ContributionsReporting Requirement Thresholds:• Cash. Do not combine separate contributions.• Noncash. Combine claimed deductions of all similar items to determine$501 or greater amount....
Itemized Deductions Homeowners

Itemized Deductions Homeowners

Itemized Deductions for Homeowners The IRS defines a home as any house, condominium,cooperative, mobile home, boat, or similar property that has sleeping space, toilet facilities, and cooking facilities.Some homeowners qualify for these deductions. Real Estate Taxes...
2019 Last-Minute Year-End Medical and Retirement Deductions

2019 Last-Minute Year-End Medical and Retirement Deductions

When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action. Here are the six strategies that you can implement before the end of the year....
2019 Last-Minute Vehicle Purchases to Save on Taxes

2019 Last-Minute Vehicle Purchases to Save on Taxes

Here’s an easy question: Do you need more 2019 tax deductions? If yes, continue on. Next easy question: do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second problem...
2019 Last-Minute Section 199A Strategies That Reduce Taxes

2019 Last-Minute Section 199A Strategies That Reduce Taxes

Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. We’ll review four year-end moves that (a) reduce your income taxes and (b) boost your Section 199A deduction at...