December 2, 2014
The IRS reminds individuals and businesses making year-end charitable contributions of several important tax law provisions and the substantiation requirements to deduct the contributions. Some of the reminders to consider include (a) obtaining a written acknowledgement from the charity for gifts worth $250 or more, (b) having a bank record or written statement from the charity, regardless of the amount, (c) ensuring that the charity is eligible, (d) mailing checks before year-end to deduct them in 2014 (credit card donations charged in 2014 but paid in 2015 are deductible in 2014, though), (e) for most donations of cars, boats, and airplanes valued at more than $500, limiting the deduction to the gross proceeds from their sale, and (f) filing Form 8283 with the tax return for all noncash contributions over $500. News Release IR 2014-110.
With 2019 officially here, it is time to remind you that January 15th is the due date for the fourth quarter estimated tax payments. If you are required to make estimated tax payments, use the payment vouchers that you received after filing your 2017 returns.
Remember, if you do not pay enough tax by the due date of each payment period, you may be charged a penalty when you file your...
The holiday season is already in full swing, and as much as it can be a welcome distraction can be from our everyday lives, that distraction can cause its own issues as well.
We’ve noticed, here at SGA, an increased number of instances of scam emails and voicemail schemes lately. The scammers are trying to catch you off guard and get you to react in a way that you might...
The IRS requires you to keep your records that support an item of income or deduction on a return until the period of limitations for that returns runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.
Period of Limitations: