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Tax credits 2013

Tax credits 2013

A number of federal tax credits exist to help taxpayers retain more of their earnings. Identifying which credits apply to you will reduce your pain as you prepare to file your income tax return. Gather your documents to get the most tax credits 2013. Donate conservation property A conservation easement tax deduction may significantly lower your tax bill. Through year-end conservationists who donate property or easements on their property to conservation organizations like the Nature Conservancy or a local land trust get an enhanced tax break that’s helped modest-income landowners; these enhancements are good through year-end. Section 170(f)(8) of the Internal Revenue Code clearly states that all charitable gifts valued at $250 or more must be substantiated by a letter acknowledging the gift and stating that the donor received no goods or services in return (or estimating the value of goods provided in the case of a bargain sale). This requirement applies to easement donations. For more details, see Conservation Easement Tax Deduction. Remodel for energy-efficiency There’s a $500...

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Tax deductible donations

Tax deductible donations

Tax deductible donations can help you keep more of your money. Keep these things in mind when planning for your charitable contributions” 1. Contributions are deductible in the year made. Pay attention to whether you are using a credit card or mailing your donations to your charitable organization of choice. As long as you charge the donation to a credit card in 2013 the contribution will count for a tax deduction in 2013. For checks, you need to mail the check in 2013 for the donation to count in 2013. It is better to send these donations by certified mail etc. that records the date mailed. 2. Check that the organization is eligible. Only donations to eligible organizations are tax-deductible. Check with the IRS that the organization you are planning to contribute to is eligible to receive deductible contributions. These organizations include churches, synagogues, temples, mosques and government agencies. 3. Itemize your deductions. For individuals, only taxpayers who itemize their deductions on Form 1040 Schedule A can claim deductions...

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Charitable Contribution Tax Deduction part2

Charitable Contribution Tax Deduction part2

Charitable contributions of money are always a hot topics. Everyone wants to know how to get the deduction for cash. Just remember that charitable contributions are deductible only if you itemize deductions. To be deductible, charitable contributions must be made to qualified organizations. Payments to individuals are never deductible. Monetary Donations What may surprise most people is that you must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Huh? Yes for a monetary donation this is imperative. Without it, if you are audited your tax deduction may be disregarded by the IRS. To prove you deduction you need to supply bank records. These bank records include canceled checks, bank or credit union statements, and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid. Credit card statements should show the name of the charity, the date, and the transaction posting date....

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Charitable contribution tax deduction

Charitable contribution tax deduction

The charitable contribution tax deduction can help you help others. There are several important tax provisions that have taken effect in recent years. This will be a two part post to give enough details on each deduction. Special Tax-Free Charitable Distributions This provision, currently scheduled to expire at the end of 2013, offers older owners of individual retirement arrangements (IRAs) a different way to give to charity. An IRA owner, age 70½ or over, can directly transfer tax-free up to $100,000 per year to an eligible charity. This option can be used for distributions from IRAs, regardless of whether the owners itemize their deductions. Thus, this a good option for people that want tax savings but don’t have enough deductions to benefit from itemized deductions. Just remember that distributions from employer-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension (SEP) plans, are not eligible. To qualify, the funds must be transferred directly by the IRA trustee to the eligible charity. Distributed amounts may be excluded from the IRA...

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Standard Mileage Rate 2014

Standard Mileage Rate 2014

You are generally entitled to deduct vehicle expenses for your business. You can use either the actual expense amount, or an amount computed using the standard mileage rate, whichever is greater. The standard mileage rate is important to the small business owner because it can be a significant deduction. The Internal Revenue Service recently issued the standard mileage rates 2014. The standard mileage rate is optional and is used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The business mileage reimbursement rate is also used by some employers for computing employee reimbursement amounts when an employee operates an employee-owned automobile for the employer’s business purposes. Beginning on Jan. 1, 2014 The standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations The standard mileage rate for...

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