Tag: Taxes (page 3 of 3)

Charitable Contributions

December 15, 2017 / / Comments Off on Charitable Contributions

This holiday season, if you’re in the spirit of giving, charitable contributions can be the gift that gives back!

Charitable contributions made to qualified organizations can help lower your tax bill. Record keeping of donations and contributions must be maintained no matter the amount. To properly back up your contributions please keep bank records, receipts, or payroll deductions reflecting the amount.

If you are receiving a benefit for your contribution, you can only deduct the amount that exceeds the fair market value (ex. gala tickets). Non-cash donations such as household items and clothing, must be in good used condition and valued at fair market price.

For more information, read these eight tips the IRS provides here!

 

 

IMPORTANT INFORMATION FOR TAX FILING

January 20, 2017 / / Comments Off on IMPORTANT INFORMATION FOR TAX FILING

The IRS and state governments are combating identity theft and tax fraud this tax year. Beginning this filing season all tax payers are required to have identity verification. Please include with your tax documents a copy of your state driver’s license or other state ID. If you’re married, both individuals must meet the requirement. 

Sincerely,

BYB

How Divorce or Separation Effects your Taxes

August 26, 2016 / / Comments Off on How Divorce or Separation Effects your Taxes

If divorcing or recently divorced, there’s much to consider:

  • Name Changes
  • Spousal IRA
  • Child Support
  • Alimony (Paid and Received)

Through changes in circumstances, be prepared to pull out your check book and negotiate with your former spouse. There are many more challenges to finalizing the divorce.

For more information click here!

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