Sticking to the rules when making charitable contributions can save tax dollars. Here are three tips. Read more. * Record keeping is vital if you want to be able to deduct a contribution to charity. What records do you need? For starters, to claim an itemized deduction, you’re required to have support for all cash [...]
Last year’s tax law extended the “charitable IRA rollover” rule through the end of 2011. Taxpayers who are 70-1/2 or older may make tax-free distributions of up to $100,000 directly to a charity from their IRA. The rollover fulfills the required minimum distribution (RMD) rule, and the rollover amount is not included in taxable income. [...]
If you provide care for stray or feral animals in your home for an IRS-approved charity, you may be able to take a tax deduction for your out-of-pocket expenses. Read more. If you provide care for stray or feral animals in your home for an IRS-approved charity, you may be able to take a tax [...]