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Nov 16, 2020Charitable Donations
You can only claim your charitable donations if you are itemizing your deductions. However, your organization must qualify for a tax deduction. To find out if it qualifies, use the IRS tool by clicking here. That being said, you must keep a record of cash, check or other monetary gift contributions. For example, you will […]
adminNov 16, 2020Standard & Itemized Deductions
There are two deductions that you can take when filing your tax return. You can either take the standard deduction which is based on your filing status and set annually due to inflation, or itemize your deductions by reporting your expenses (located on Schedule A). The standard option reduces your income before income tax. The […]
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