The three best ways to contribute to charity
The three best ways to contribute to charity Cash Donations Outright gifts of cash (which include donations made via check, credit card, and payroll deduction) are the easiest. The key is to substantiate them. To be deductible, cash donations must be: Supported by a canceled check, credit card receipt, or written communication from the charity…
Tax status of your retirement savings
Tax status of your retirement savings The first step in this process is to analyze the type and tax status of your retirement savings. For this purpose, divide your accounts into three categories: Taxed Later: Traditional IRAs, 403(b), and 401(k)s are types of savings accounts that give you a tax deduction at the time you contribute….
What is the Tax Treatment of Forgiven Student Loans?
What is the tax treatment of forgiven student loans? Now that President Biden has announced student loan relief, the state tax treatment of forgiven loans is of interest to many ministers. Ministers who have student loans forgiven are spared a federal tax bill, but not all states treat forgiven loans the same. A forgiven loan amount is…
Providing Donors With Tax Acknowledgements
Providing Donors With Tax Acknowledgements A donor may be eligible to claim a deduction on his or her tax return for qualifying charitable donations. However, it is not the recipient organization’s role to determine the tax consequences of any donor’s charitable actions. Such a determination is, as a matter of tax law, ultimately between the…
Educators Can Deduct Up to $300
Educators Can Deduct Up to $300 in Out-of-Pocket Classroom Expenses in 2022 For 2022, the maximum expense deduction eligible educators may take for qualifying out-of-pocket classroom expenses has increased to $300, even if they take the standard deduction. Educators who are married and file a joint return with another eligible educator can deduct up to…
