An estimated $373 billion was donated to charitable causes in the United States during 2015, according to the charity watchdog site, CharityNavigator.org. That’s a lot of money going to great causes…or so it would seem. The fact is, donating to charitable organizations is great for a number of reasons, but sometimes your contributions aren’t used […]
Are political contributions tax deductible?
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As this year’s presidential election season hums along, campaign contribution totals have well exceeded 800 million dollars – and they continue to rise. With this level of fundraising, one question is sure to come to mind – are political contributions tax deductible? The short answer? No.
How to Maximize Your Tax Deduction for Charitable Contributions
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Choosing to donate to a charity typically isn’t solely driven by the potential tax break, but the chance to save a few bucks on your taxes as a result is a nice perk. If you itemize deductions on your income tax return, the IRS allows you to write off the cash value of any contributions or […]
Understand These Tax Breaks When Buying a Home
Buying a home can help lower your tax bill. In fact, tax breaks for homeownership are a primary motivation for many people to buy their own home. To make sure you get the maximum benefit from your home purchase, however, it’s important to understand the potential tax benefits. Keep these tax considerations in mind when […]
To Itemize or Not to Itemize: 4 Questions to Ask Yourself
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Have you ever itemized your tax deductions? In 2009, almost two-thirds of tax filers claimed the standard deduction, which for married couples filing jointly, was $11,400. Those who itemized in that category, however, averaged a whopping $32,000 in deductions. While you may not personally enjoy an increase that large, it’s worth investigating. To itemize your […]
Donate to Charities to Decrease Taxable Income
Are you asking for a receipt and itemizing your donations when donate to charities? You should be. Beyond the personal satisfaction of donating to charitable organizations, there could also be income tax benefits for your kind gestures. Generally, you can take a deduction for contributions of money or property that you make to a qualified […]
