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Tag Archives: Charitable Giving

Year-End Gift Giving with Tax Benefits

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 22, 2022 by Lake Wylie Tax Services StaffNovember 22, 2022
Year-end Gift Giving

#GivingTuesday 11/29/2022

The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax benefits.

But be wary; during the holiday season, you may receive phone calls, texts, emails, snail mail, or appeals on social networking sites for donations for various causes. However, some of these appeals may come from fraudsters and not legitimate charities. Unfortunately, this happens every holiday season.

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Posted in Charity, Tax Central | Tagged Charitable Giving, Tax Planning

Charitable Tax Deduction Peculiarities

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on March 1, 2022 by Lake Wylie Tax Services StaffMarch 1, 2022

Charitable Giving Deductions changes for 2021 Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for non-itemizers.

Charitable contributions can take many forms, and some are unusual or misunderstood. The following includes issues that a taxpayer may encounter related to non-cash contributions.

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Posted in Tax Central | Tagged Charitable Giving, Charity
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