Tag: Charity

  • Tax Tips if You Traveled for Charity Work

    Tax Tips if You Traveled for Charity Work

    Were you particularly generous this summer by donating not only your money but also your time? If so, keep reading to see if some of your charitable nature might be rewarded by an increased tax deduction next April.

    What Kind of Charity Work Qualifies for a Possible Travel Tax Deduction?
    Travel expenses for work you do for a qualified charity can be deducted. A qualifying charity is a 501(c)3 organization.
    Basically, any charity that you could deduct your cash contribution to is eligible. Visit this web site to verify if the charity to which you’ve donated your time or money is a qualifying organization.

    What Kind of Travel Expense Can Be Deducted?
    Any travel expenses you incur in reaching the destination of your volunteer work can be deducted. This can range from airfare, if you are teaching English to underprivileged children in Asia, to the mileage you drive to the site where you are helping build a house a few miles from home.
    If you use your own car for traveling for charity work, you can deduct 14 cents a mile. Meals and lodging while away on a charitable endeavor are also deductible travel expenses.

    What if I Do Some Volunteer Work While I’m in Hawaii? Can I Deduct the Cost of That Trip?
    Yes, but only if that was the reason you went on the trip in the first place. In other words, you could fly from New York to Hawaii and deduct the entire cost of the trip if you were in the islands a week, did volunteer work for seven days, and hung out in Waikiki Beach for a couple of hours one afternoon.
    However, if you did the reverse—spent seven days in Waikiki Beach and then worked at a food pantry for a couple of hours when the weather turned (e.g., became partly cloudy)—no part of your trip to Hawaii would be deductible.
    In IRS-speak, your volunteer work must be real and substantial for the related travel expenses to be deductible. In lay terms, use common sense.

    What About The Value of My Time? Can I Deduct My Normal Hourly Rate?
    No way. Even if you are a $400/hr attorney donating your legal time to help a non-profit get formed, your deduction is limited to actual expenses you incur in assisting the charity, not what you could otherwise bill for your efforts.

    this summer

    Turbo Tax Article By: Michael Rubin

  • Tax Deductions for Newlyweds

    Congratulations on getting married! As you two embark on this journey together, I wanted to share some tax deductions that can help you come tax time. One thing that you may not be familiar with is exactly how tax deductions help you.
    Tax deductions lower your family’s taxable income and may help you lower your tax burden. Taking the tax deductions that you’re entitled to as newlyweds can help you get your finances in the right place.
    First of all, you have to make sure that your names and your social security numbers on your tax return are what’s on record with the Social Security Administration.
    If you haven’t already contacted them and submitted a form for your name change, then do so as soon as possible. In that same vein, make sure your employer has the correct information so your W-2s are accurate.
    New Changes, New Deductions
    With marriage comes changes to your household. Some of the tax deductions may apply to you, while others may not. The important thing is to make sure you both sit down and discuss how you’ll be handling your taxes.
    Standard Versus Itemized Deductions
    Before you were married you may have taken the lower standard deduction, but now would be a great time to check and see if you have enough eligible expenses to itemize.
    In general, you to want to itemize your deductions when your total eligible deductions exceed your standard deduction. Currently the standard deduction for those married filing jointly is $11,900.
    When we used TurboTax to file our tax return, it automatically checked our tax deductions to see which would give the bigger deduction.
    Married with Children
    If your family will be growing with one or more children becoming legally a part of your household, then you may qualify for some additional exemptions for dependents.
    You can claim an exemption worth $3,900 per child when you file your taxes. Please keep in mind that you must provide a social security number for your dependents when you claim them on your tax return.
    Review your Finances, Together
    Finally having two heads reviewing your finances is better then one, so look over your expenses to see if there are any tax deductions or breaks you have overlooked in the past or you’ll qualify for this year.
    Personal Property Taxes: In North Carolina we pay property taxes for our vehicles in the summer and our house at the end of the year. While it’s chunk of money out of our family budget, the good news is that state and local property taxes are deductible. Keep your receipts so you know how much to deduct.
    Charitable contributions: Have you thought of sharing your special day by donating? For many people, their wedding wardrobe, decorations, and other items are only used for one day and then packed away, sometimes forgotten in the attic. Why not see if you can part with a few of these dear items afterward and support worthy causes close to your heart?

    Felicidades por casarse ! Como ustedes dos se embarcan en este viaje juntos , quería compartir algunas deducciones fiscales que pueden ayudarle a llegar la temporada de impuestos . Una cosa que es posible que no esté familiarizado con es exactamente como las deducciones fiscales que ayudan .
    Las deducciones fiscales reducen su familia , la base imponible del AM y pueden ayudarle a reducir su carga fiscal . Tomando las deducciones fiscales que usted, Aore derecho a que los recién casados ??puede ayudarle a conseguir sus finanzas en el lugar correcto .
    En primer lugar , usted tiene que asegurarse de que sus nombres y sus números de seguridad social en su declaración de impuestos son lo que , el AM en el registro con la Administración del Seguro Social.
    Si usted refugio , AOT ya en contacto con ellos y enviar un formulario para su cambio de nombre , y luego hacerlo lo más pronto posible . En esa misma línea, asegúrese de que su empleador tiene la información correcta para que sus formularios W-2 son exactas.
    Nuevos cambios, nuevas deducciones
    Con el matrimonio viene cambios en su hogar. Algunas de las deducciones fiscales pueden aplicarse a usted, mientras que otros no. Lo importante es asegurarse de que tanto sentarse a discutir cómo usted, Äôll estar manejando sus impuestos.
    Deducciones estándar Versus Detallada
    Antes de casarse que haya tomado la deducción estándar más baja, pero ahora sería un buen momento para comprobar y ver si tiene suficientes gastos elegibles para detallar .
    En general , usted quiere detallar sus deducciones en el total de las deducciones admisibles superan su deducción estándar. Actualmente, la deducción estándar para los casados ??con declaración conjunta es $ 11,900 .
    Cuando utilizamos TurboTax para presentar nuestra declaración de impuestos, que comprueba automáticamente nuestras deducciones fiscales para ver lo que le daría el descuento más grande.
    Matrimonio con hijos
    Si su familia estará creciendo con uno o más hijos sea legalmente una parte de su casa , entonces usted puede calificar para algunas exenciones adicionales para dependientes.
    Usted puede reclamar una exención por valor de $ 3,900 por niño cuando presente su declaración de impuestos . Por favor, tenga en cuenta que debe proporcionar un número de seguro social para sus dependientes cuando se les reclama en su declaración de impuestos.
    Revise sus finanzas , junto
    Por último tiene dos cabezas revisar sus finanzas es mejor que uno, para mirar por encima de sus gastos para ver si hay algunas deducciones de impuestos o roturas que ha pasado por alto en el pasado o que , Äôll calificar para este año .
    Impuestos sobre Bienes Muebles : En Carolina del Norte que pagamos impuestos a la propiedad para nuestros vehículos en el verano y nuestra casa al final del año. Mientras que , el AM cantidad de dinero fuera de nuestro presupuesto familiar , la buena noticia es que los impuestos a la propiedad estatal y local son deducibles. Guarde sus recibos para que sepas lo mucho que deducir .
    Donativos : ¿Has pensado en compartir su día especial con la donación ? Para muchas personas, su vestuario de boda , decoraciones y otros objetos se utilizan sólo por un día unad luego guardó, a veces olvidado en el ático. ¿Por qué no ver si puedes parte con algunos de estos elementos después queridos y apoyar dignas causas cercanas a su corazón?