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Tuesday Tax Tidbit: Donating a Vehicle Might Not Provide the Tax Deduction You Expect
All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction. Take vehicle donations, for example. If you donate your vehicle, the value of your deduction can vary greatly depending on what the charity does with it. Determining your deduction You can deduct the vehicle’s fair market value (FMV) if the charity:
Small Business Guide to Tax Deductions
Deductible business expenses can help business owners afford the costs of operating a company. Check out our list of the top small business tax deductions.
Can I Deduct That? Your Tax Deduction Checklist
Figuring out what you can and can't deduct as a business expense is challenging. These tips help you lower your tax bill without running afoul of the federal tax code.
Donating food to the hungry should be easy — why isn’t it?
Food service firms thwarted in donating excess food to the hungry by lack of nationwide standards. Varying state to state regulations frustrate donors.
Why these donations won't earn a tax deduction
A tax deduction is not a given each time you open your wallet for a worthy cause. So be sure to check with an advisor first.
Why do we have a charitable tax deduction, anyway?
The history of the tax deduction for charitable giving and why charities are worried it could change.
A City-by-City Guide to Donating Food After Events
Find out about organizations that can help distribute excess food from events to organizations that serve the needy. According to the U.S.
Charity Volunteers: Step Forward and Claim Your Tax Deductions!
Do you have clients who are dedicated to working on behalf of a charity? Although they may go out of their way to support their favorite cause, they may not be getting a tax deduction for the blood, sweat and tears they expend.
How and Where to Donate Food
There’s something about the holiday season that makes us want to give back. It’s not called the season of giving for nothing! If you want to help the less fortunate this holiday season, but you don’t have much money or time to spare, you can easily donate food and other non-perishables to do your part. …
10 things you should actually donate to a food bank
There are many things you can donate which are really useful but you may not have thought of
Will Your Business Deductions Survive a Tax Audit?
Many small business incur losses over the first few years of operations. What you do to make sure that these deductions survive an audit is critical. The reason is that that the IRS limits deduct…
25 Small Business Tax Preparation Mistakes to Avoid From the Pros
Understanding the small business tax preparation process is important in order to avoid the tax mistakes that will cost your business money. Here are the most common business tax preparation mistakes to avoid according to the pros.
Do's & Don'ts of Recordkeeping for Business Meal & Vehicle Expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to review them closely to be sure they meet strict substantiation requirements.
Tips to Find the Right Tax Accountant For Your Company Tax Return
There is a common myth related to tax accountants that only wealthy or a big-size business owner can hire them to manage their tax affairs. However, this is far from the truth. You don’t have to be…
An accountant explains the mistakes too many people make on their taxes
If you're not meticulous, you could be losing money that's rightfully yours.
Top Traits For Your Tax Professional And How To Find A Good Accountant
Not every small business owner wants (or needs!) to know how to find a good accountant. And if you feel like it's not the right fit for you, that's totally fine.
Why You Need an Accountant Before Tax Season
An accountant can do your taxes, but that’s not all they can manage. Hiring an accountant for the rest of the year can help you grow your business.
How to Calculate Deductions From Your Hourly Paycheck
Are you going from a salaried worker to an hourly employee? Know where your money is going. Learn how to calculate deductions from your hourly paycheck.
13 Million Children Are Food Insecure — And This Is How You Can Help Them
What does a Food Pantry need most?
What kinds of donations to MOM most help meet the need? Should you donate food or make a financial donation? What is the difference between a Food Pantry and a Food Bank?
When Should You Hire a CPA?
In addition to preparing your taxes, a CPA can provide your small business with valuable financial advice. Learn why and when you should consider working with a CPA.
