Banner
E-NEWSLETTER
Sign up for our newsletter and receive the latest tax updates and due date reminders.
 

Tax Breaks for Charity Volunteers

If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply.

more »

Post a Comment
Naming Your IRA Beneficiary – More Complicated Than You Might Expect
The decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important.

more »

Post a Comment
Health Savings Accounts Offer Tax Breaks
A health savings account (HSA) is a trust account into which tax-deductible contributions can be deposited by qualified taxpayers who have high-deductible medical insurance plans. These accounts are set up at a bank or other financial institution. Income earned on the HSA balance is income tax-free. The funds from these accounts are then used to pay qualified medical expenses not covered by an eligible individual’s medical insurance.

more »

Post a Comment
Tax Benefits for Grandchildren
If you are a grandparent there are a number of things you can do to teach your grandchildren financial responsibility and set aside money for their future education and retirement. Before we get into actual suggestions, it is important that you understand the gift tax rules.

more »

Post a Comment
Some Tax Facts for Military Reservists
Members of the U.S. Armed Forces reserve component often have questions about the tax deductibility of expenses they incur as part of their service in a reserve unit.

more »

Post a Comment
XML ButtonWhat's This? Bookmark and Share PDF