5 Tips for Taxpayers Who Travel for Charity Work
Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS wants you to know about travel while serving a charity. You must volunteer to work for a qualified organization….
IRS Looking For Taxpayers Who Pad Their Tax Deductions
It’s tax time. For those who might think, “I’ll add a little here, maybe add a little more there … nobody will notice, right?” Well, the IRS is looking harder at deductions and is warning taxpayers to avoid the temptation of falsely inflating deductions or expenses on their returns to under pay what they owe…
Are Clergy Eligible For Public Service Loan Forgiveness
The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. For more details click the link below: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service#qualifying-employment
2016 Standard Mileage Rates
Optional standard mileage rates for ministry and business use of a vehicle will go down in 2016, the IRS announced on Thursday (Notice 2016-1). For ministry and business use of a car, van, pickup truck, or panel truck, the rate for 2016 will be 54 cents per mile, compared with 57.5 cents in 2015. Driving…
Donating a car to charity?
Remember that an appraisal is required for noncash contributions with a value exceeding $5,000. See Form 8283 and instructions as the IRS web site, www.irs.gov. (There is a Declaration of Appraiser on the form.) There is an exception to the rule for vehicles donated to a charity. If the charity sells the car, the taxpayer…
Consider Giving Appreciated Assets
What if I Stop at the Hospital During My Commute?
Question: If I drive my personal car from my home to the hospital and then to the church office, what part of that drive is eligible for the standard mileage rates? My church says that the total miles of the trip should be added and then the usual commute miles from home to office should…
When Are Vehicle Registration Fees Deductible?
According to the IRS, vehicle registration fees are classified as a personal property tax—that is, a state or local tax charged on personal property, based on the value of the personal property (as opposed to weight or other characteristics) and assessed on a yearly basis (even if it’s collected more or less than once per…
Deductions for Charitable Contributions May Be Challenged by IRS
Clergy are allowed an income tax deduction for charitable contributions made during a tax year to qualifying organizations. Cash contributions must be substantiated by cancelled checks or receipts from the donee organization showing the organization’s name, date and amount of the donation or other reliable information. Gifts of property must be substantiated by similar receipts…
Get the Most Out Of Your Charitable Giving
Charitable donations can do more than help your church, they can save you a lot of money come tax time. Whether you are looking to give $50 or $5,000 there are a slew of ways to maximize the gift of giving. The benefits primarily center around tax deductions. You are able to take dollar-for-dollar deductions….
