Individuals and businesses making contributions to charity should keep in mind some key tax provisions that have taken effect in recent years, especially those affecting donations of clothing and household items and monetary donations. Rules for Clothing and Household ItemsTo be deductible, clothing and household items donated to charity generally must be in good used [...]
Individuals and businesses making contributions to charity should keep in mind some key tax provisions that have taken effect in recent years, especially those affecting donations of clothing and household items and monetary donations.Rules for Clothing and Household ItemsTo be deductible, clothing and household items donated to charity generally must be in good used condition [...]
ONLY 26 DAYS UNTIL TAX FILING SEASON!!!!!
December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything from charity donations to refund planning: Contribute to Qualified [...]
WASHINGTON ? The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three (3) percent for underpayments; five (5) percent for large corporate underpayments; and one-half [...]
WASHINGTON — The Internal Revenue Service today announced that the fall 2012 issue of the Statistics of Income Bulletin is available. This issue features individual income tax return data for Tax Year 2010. Nearly 143 million individual income tax returns were filed for Tax Year 2010, an increase of 1.7 percent from 140.5 million returns [...]
WASHINGTON — The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56.5 [...]
The Internal Revenue Service is issuing a warning about a new tax scam that uses a website that mimics the IRS e-Services online registration page.The actual IRS e-Services page offers web-based products for tax preparers and payers, not the general public. The phony web page looks almost identical to the real one.The IRS gets many [...]
The Internal Revenue Service is issuing a warning about a new tax scam that uses a website that mimics the IRS e-Services online registration page.The actual IRS e-Services page offers web-based products for tax preparers and payers, not the general public. The phony web page looks almost identical to the real one.The IRS gets many [...]
WASHINGTON — For tax year 2013, the Internal Revenue Service announced today annual inflation adjustments for more than two dozen tax provisions. The annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012. The amount used to reduce the net unearned income reported on a child’s tax return subject to the [...]