December 19, 2016
For most taxpayers, December 31 is the last day to take actions that will impact their 2016 tax returns.
One of those actions is charitable contributions.
Charitable contributions are deductible in the year made. Donations charged to a credit card before the end of 2016 count for the 2016 tax year, even if the bill isn’t paid until 2017.
Checks to a charity count for 2016, as long as they are mailed by the last day of the year.
Cash payments to a charity must be proven by a receipt from the organization.
Do I still have enough to itemize?
Since before I can remember, taxpayers have had the option of reducing their income (to arrive at taxable income) by using either the standard deduction or itemized deductions. It was the one place on the tax return where most folks felt like the IRS granted them a little bit of favor…because you got to deduct whichever...
What’s going on with my exemptions under the Tax Cuts and Jobs Act (TCJA)?
Under the former law, which of course applies to the tax returns being filed for 2017, taxpayers can claim a personal exemption for themselves, their spouse (if filing jointly) and each qualifying child or relative. Each of these exemptions allowed taxpayers to reduce their taxable income by...
As we all know (if you don’t, I’m not sure what rock you’ve been sleeping under), Congress presented and the President signed in to law the Tax Cuts and Jobs Act (TCJA) on December 22, 2017. This law amends the Internal Revenue Code of 1986.
This new law affects us all. No taxpaying person in the United States will escape these changes. For some of...