Charitable Contributions Recordkeeping Requirements

Charitable Contributions Recordkeeping Requirements

Dec 23, 2019 | Income Tax

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....
Kiddie Tax

Kiddie Tax

Dec 4, 2019 | Income Tax

Kiddie Tax “Kiddie tax” is the term used for the tax on certain unearned income of children. Children typically are in a lower tax bracket than their parents and the kiddie tax was developed to prevent parents from lowering their tax liability by shifting investment...

Itemized Deductions Casualty and Theft Losses

Dec 2, 2019 | Income Tax

Federally-Declared Disaster Areas For 2019, a personal casualty loss is deductible (subject to limitations) only if such loss is attributable to a federally declared disaster.A federally-declared disaster is any disaster determined by the President of the United...
Taxable Social Security Benefits

Taxable Social Security Benefits

Nov 27, 2019 | Income Tax

Taxable Social Security Benefits Some taxpayers have to pay federal income taxes on their Social Security benefits. This usually happens only if they have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must...
Itemized Deductions Homeowners

Itemized Deductions Homeowners

Nov 25, 2019 | Income Tax

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...