Many people need a free car. They may currently be out of work and are trying to find a job, but cannot get to it without a car. Some people needing a car may be women who are now divorced and have no way to get to work and cannot afford a car. Still others…
Six Major Changes Made by IRS for 2023 Tax Season
March 10, 2023
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Tax year 2022 saw multiple changes made by the Internal Revenue Service to tax limits, credits, standard deductions, and so on. With the deadline for filing returns fast approaching, here is a list of some of these changes. Marginal Tax Rates The IRS slightly changed tax brackets for the 2022 tax year. The top tax…
Senators Introduce Bipartisan Charitable Act Boosting Tax Deduction
March 2, 2023
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WASHINGTON—Senators James Lankford (R-Okla.) and Chris Coons (D-Del.) announced on March 1 on Capitol Hill a new bipartisan charitable legislation incentivizing taxpayers to donate more by increasing tax deductions. The bill would provide taxpayers who do not itemize their tax returns with a reduced deduction for charitable contributions on federal income taxes worth up to…
Sens. Lankford and Coons Announce New Charity Bill to Enhance Tax Deduction
March 1, 2023
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U.S. Senators James Lankford (R-Okla.) and Chris Coons (D-Del.), joined by United Way, YMCA, and other nonprofit organizations, introduce the Charitable Act at 1:45 p.m. ET on March 1. It will expand and extend the expired non-itemized deduction for charitable giving to ensure Americans who donate to charities, houses of worship, religious organizations, and other…
Looking for a Student Loan Interest Deduction? You May Still Qualify
February 15, 2023
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During the pandemic, students who had government student loans did not need to make any loan repayments. The interest was also stopped from accumulating, beginning Mar. 13, 2020. At the same time, borrowers were able to deduct interest paid on their loans up to $2,500 per year from their taxes. Last year, President Joe Biden…
Meal and Entertainment Deductions—What You Should Know
Meals and entertainment have long been used as marketing tools by both big and small businesses. For many, they’re a legitimate business expense. But the Internal Revenue Service rules regarding deducting these expenses have changed over the decades. It’s essential to know the current rules for the tax year 2022. This lets you take the…
Make the Most of New Rules for Charitable Giving
Most people no longer get a tax deduction when they donate to charity. That shouldn’t keep you from making donations, but you may want to change your approach. Typically, only taxpayers who itemize deductions can write off charitable contributions. The vast majority of taxpayers instead take the standard deduction, which was nearly doubled by the…
How to Maximize Your Tax Exemptions
Since tax time is rapidly approaching, you are probably thinking about how to reduce taxable income. Although you may have been thinking about it all year, there may still be time to lower your taxes even more before the year’s end. One of the best ways is to take advantage of tax exemptions and credits….
Tax Deductions for Disaster Relief
Whether it’s a catastrophic hurricane like Ian or a California wildfire, disaster can strike and cause significant property destruction. Insurance can help, but it’s out of pocket for some damage not covered. But taxpayers hit with a catastrophic event and have sustained a “casualty loss” should check to see if it’s a federally declared disaster….
Family Finances: A Gift That Keeps on Giving
October 9, 2022
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By Emma Patch From Kiplinger’s Personal Finance Jacob Pruitt, president of Fidelity Charitable, the nation’s largest donor-advised fund, offers advice to those considering charitable contributions. Question: For someone who is new to donor-advised funds, what do they do and how do they work? Answer: They’re similar to an investment account. You put money or other…
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