Giving Tuesday is November 28th. If you donate to a charity and want to deduct the contribution, certain criteria must be met. The donation must given to a qualified tax exempt charity and not to individuals, political organizations, or political candidates. The IRS Exempt Organizations Select Check Tool can be used to see if a charity is tax exempt. If a contribution is deducted, you must file Form 1040 and itemize your deductions on Schedule A of your tax return. If you receive something in return for your donation, you can only deduct the amount of the donation that’s more than the fair market
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Monthly Archives November 2017
October Payroll Tax Deposits Due November 15th
Payroll Tax Deposits for the month of October are due November 15th. Information about depositing and reporting employment taxes can be found here.
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Do I Need Written Acknowledgements for Charitable Donations?
Here’s what the IRS says about written acknowledgements for charitable donations: Taxpayers who make single donations of $250 or more to a charity must have one of the following: A separate acknowledgment from the organization for each donation of $250 or more. One acknowledgment from the organization listing the amount and date of each contribution of $250 or more. The $250 threshold doesn’t mean a taxpayer adds up separate contributions of less than $250 throughout the year. For example, if someone gave a $25 offering to their church each week, they don’t need an acknowledgement from the church, even though
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