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Charitable giving and donations can be used to reduce your tax bill by taking a tax deduction for the value of the gifts on your income tax return. In order to claim a tax deduction for charitable donations, you must itemize your deductions on your tax return using...
There are a few changes for the 2022 tax season that individuals and businesses should be aware of: Increase in the standard deduction: The standard deduction for the tax year 2022 has increased for all filing statuses. For example, the standard deduction for single...
It’s easy for a 501(c)(3) organization (nonprofit) to maintain its IRS tax-exempt status and it is just as easy to lose it. The IRS recognizes private foundations, churches, educational institutions, hospitals, and many other types of public charities. 501(c)(3) IRS...
It’s easy for a 501(c)(3) organization / Nonprofit to maintain its IRS tax-exempt status – and it can be just as easy to lose it. the IRS recognizes private foundations, churches, educational institutions, hospitals, and many other types of public charities.501(c)(3)...
Filing your taxes as an individual can seem very easy. However, a lot of little details can slip by depending on your due diligence. Here are 8 common tax filing errors committed by people while filing their taxes. 1. Missing/Incorrect Details A lot of missing or...