July 17, 2016 |
The IRS has turned down the long-running effort by the Democratic convention's Philadelphia host committee to win a tax exemption. Word of the decision, a setback for efforts to raise the last of the $60 million needed to help pay for the July 25 to 28 convention, came Friday from its adviser, David L. Cohen. When the decision came - and why - is less clear. Cohen would say only that the IRS "recently" turned down the application for tax-exempt status under section 501(c)3 of the tax code, which the committee had sought for more than a year.
May 15, 2016 |
Each year, in the run-up to the April filing deadline, I am inundated with income-tax tips by everyone and his sister. Property taxes, maybe, are in my domain, but income-tax matters are left up to others. I was fortunate to have the same accountant for 35 years; otherwise, I would now be in jail or on the run from the feds. It is sad that we lost our accountant, David Lidle, to ALS in February. He was a splendid accountant, who very early on urged my wife and me to buy our first house so we could keep some of the money we were paying the federal government in income taxes each year.
February 23, 2016 |
Want free help filing your taxes? The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who make $54,000 or less. IRS-certified volunteers provide free basic income tax return preparation with electronic filing. Besides VITA, the Tax Counseling for the Elderly (TCE) program offers free tax help for all taxpayers, especially those 60 and older, specializing in questions about pensions and retirement issues. To locate the nearest VITA site near you, use the VITA Locator Tool at http://irs.treasury.gov/freetaxprep/ or call the IRS hotline 800-906-9887.
November 24, 2014 |
Sell your losers. Gift your winners. It's nearly December, time to evaluate your portfolio and sell off some losers. With the stock market setting records, investors have recorded terrific gains and can "harvest" tax losses to offset those, says Brad Bernstein of UBS. "Take losses now," says Bernstein, a UBS Wealth Management senior vice president in Center City. He has been swapping out under-performing mutual funds, reaping the losses, and swapping into better-performing mutual funds and exchange-traded funds.
November 27, 2013 |
It's the giving season! Make charitable donations well before year-end 2013 in order to get your tax deduction. Don't wait until the last minute to make charitable donations to a favorite organization, or to transfer money to relatives free of gift taxes. Charitable IRA rollovers are one vehicle that JPMorgan highlights to older and retired clients. In 2013, taxpayers over age 70½ can make a direct transfer of up to $100,000 from an IRA to qualified charities (not including private foundations and donor-advised funds)
April 10, 2013 |
Panic-stricken during tax time, many Americans dig out receipts for last year's charitable donations before filing by April 15 - only to discover the charity they gave serious money to either was a scam or wasn't eligible for a tax-deductible gift. If you're like me - meaning you routinely file your tax returns at the last minute - you can save yourself from being duped by a charitable donation gone awry. The American Red Cross and Goodwill are just two examples of well-known tax-exempt charities approved by the Internal Revenue Service.
March 26, 2013 |
A notable piece of small-business news on Capitol Hill concerns a tax proposal that could lift some of the uncertainty entrepreneurs complain about. Under a proposal announced this month by House Ways and Means Committee Chairman Dave Camp (R., Mich.), a popular tax deduction for equipment purchases would become permanent and be set at $250,000, aside from annual inflation adjustments. Known as the Section 179 deduction, it is scheduled to drop to $25,000 in 2014. It was set at $500,000 from 2010 through 2013.
March 1, 2013
D EAR HARRY: I am a recently hired regional manager for a large franchising company. My job requires thatI own and know how to use a computer to submit daily reports from remote locations. My computer is a Mac, and I had some problems getting it synchronized with the company's large-capacity PC. As a result, the company shared with me the cost of a PC laptop. My tax preparer said that there was just no way I could get a tax deduction for it, even if my boss says it was required and will support that statement in writing.
December 14, 2012 |
WASHINGTON - The White House and the nation's most prominent charities are embroiled in a tense, behind-the-scenes debate over President Obama's push to scale back the nearly century-old tax deduction on donations that the charities say is crucial for their financial health. In a series of recent meetings and calls, top White House aides have pressed nonprofit groups to line up behind the president's plan for reducing the federal deficit and averting the year-end fiscal cliff, according to people familiar with the talks.
December 12, 2012 |
A couple of weeks ago, I challenged you to take a holiday giving pledge. I asked you to share how you were giving back, not just by writing a charitable check for that all-important year-end tax deduction - but what exactly are you doing to give of yourself? By chronicling simple acts of giving, my hope was that we could usher in a different language, one in which we move beyond tossing out divisive labels like makers and takers , and celebrate each other for simply being givers . Not to mention we'd be helping those in need during a time they need it most.