Tax Deductions

Does Tithing at Church Count as a Charitable Donation?

Sun, 16 Dec 2018 17:49:31 +0800

If you plan to write off certain deductions on your tax return, you should know what qualifies and what does not. Items in deccent and good working order can be donated and the value deducted from your taxes to a certain limit. Tithes fall into the charitable donation category and can be deducted.

How Much Do You Get Back for a Child on Your Taxes?

Thu, 13 Dec 2018 23:04:30 +0800

Some tax credits are refundable – they can result in the IRS sending you a check for the balance after the credit erases any tax you might owe. Unfortunately, the new Family Tax Credit isn’t one of them, but you might get as much as $1,400 back if you qualify for the Child Tax Credit.

TSA vs. Roth TSA

Thu, 29 Nov 2018 04:35:49 +0800

A TSA, also known as a tax-sheltered annuity or a 403(b) plan, is a retirement plan offered by non-profit institutions. Both employees and employers can contribute to the plan but must remain within IRS limits. A Roth TSA doesn't offer tax-deductible contributions but rather tax-free distributions.

Can I Deduct My House Rent on My Personal Income Tax Return?

Wed, 14 Nov 2018 02:40:31 +0800

Some advantages of renting your home include not having to worry about the bottom falling out of the housing market and the lack of responsibility for paying property taxes. On the down side, there are some tax write-offs that are available to homeowners that renters don't get to take, such as the mortgage interest deduction and the real estate tax deduction.

How to Deduct Church Tithing From Taxes

Wed, 14 Nov 2018 02:00:22 +0800

Many people pay a tithe, or 10 percent of their income, to a church or other religious organization. The Internal Revenue Service encourages Americans to help others with a special tax benefit. You can reduce your taxable income by giving money to qualifying churches, synagogues and other nonprofit institutions, including many educational, charitable or scientific organizations. However, you must follow IRS guidelines to get this benefit for your tithes and contributions.

How Much Tax Is Taken From a Scratch Ticket?

Tue, 06 Nov 2018 22:41:58 +0800

The Internal Revenue Service considers lottery prizes taxable income. Depending on how much you win with a scratch ticket, there might not be any taxes taken out of your prize immediately. However, you're responsible for reporting your winnings on your tax return so the money can be taxed at your regular income tax rate.

FHA Definition of Gross Income and Untaxed Income

Tue, 06 Nov 2018 21:50:43 +0800

The FHA uses a variety of factors to determine whether a person qualifies for a home loan. Those include gross income, but untaxed income may also be factored in. Examples of untaxed income include child support, disability benefits and military allowances. You'll also need low debt.

What Can I Claim on My Taxes When Itemizing?

Thu, 25 Oct 2018 17:44:44 +0800

One of the choices you make when preparing your tax return is whether to itemize your deductions or accept the standard deduction. Itemizing tax deductions is a wise way to keep more money in your pocket. Consider what you can claim on your taxes when you itemize your deductions.

Which Is Better for Health Insurance: Deducted Pretax or After Tax?

Wed, 10 Oct 2018 21:16:11 +0800

Health insurance doesn't always come easy -- several decisions need to be made. You may have picked the best plan for you and now you will need to decide the best way to pay your portion of the insurance premium. Pretax or post-tax, you might ask. Generally, paying your portion of your health insurance premium pretax is the way to go. But there are exceptions, so weigh your options wisely so you can make an educated decision.

Can a Jobless Parent Claim Kids as Dependents?

Wed, 29 Aug 2018 17:47:12 +0800

Filing taxes with no income with dependents can potentially help you get a refund. You may be able to claim the child tax credit or additional tax credits. In the past, you could file for an exemption for dependents, but the Tax Cuts and Jobs Act has eliminated personal exemptions.

Can I Claim FICA Deductions on Personal Income Tax?

Tue, 21 Aug 2018 13:45:58 +0800

You generally can't deduct FICA tax from your income working for an employer. If too much Social Security tax is withheld due to working multiple jobs, you can get it back when you file income tax. Self-employed people can deduct the portion of their FICA tax normally paid by an employer.

How to Estimate Donation Values for Taxes

Mon, 06 Aug 2018 13:40:01 +0800

When you make noncash donations to charity, you can still claim a tax write-off for your kindness, but you have to know how much the items are worth to report them on your taxes. In some cases, you’ll need an appraisal because the IRS won’t let you just estimate the value for taxes.

How do I Donate Clothes to Charity for a Tax Deduction?

Tue, 31 Jul 2018 23:18:01 +0800

Donating new or used clothing to charity may qualify you for a tax deduction if you itemize on your tax return. You can deduct the fair market value of your clothing as defined in publications like the Salvation Army Donation Guide and other guides published by nonprofits that accept donations.

How Much of a Tax Deduction for Donating My Appliances?

Mon, 30 Jul 2018 05:48:40 +0800

If you're donating appliances to charity and they're in good used condition or appraised at more than $500, you can deduct them on your federal tax return. Keep as much documentation as you can on their value, since you can usually only deduct the appliances' fair market value.

How to Estimate the Tax Deduction for Donating Kitchen Cabinets

Mon, 30 Jul 2018 05:48:40 +0800

If you donate kitchen cabinets or other household items, and they're in good used condition or better, you can claim a tax deduction for them, provided you itemize your deductions. You can generally claim the fair market value of the items at the time that you donate them to charity.

How to Donate a Boat & Deduct it From Taxes

Mon, 30 Jul 2018 05:48:40 +0800

If you donate a boat to charity, you can claim a deduction. Depending on the circumstances and its value, you'll usually get either the boat's fair market value or the amount for which the charity can sell it. You must itemize your deductions to claim charitable donations on your tax return.

Are Burial Plans Tax Deductible?

Thu, 26 Jul 2018 18:53:44 +0800

Having a pre-need funeral plan covers the essential demands for that moment: prepare and transport the body, the cost of a coffin and sometimes bureaucratic matters. Although it can be useful, people planning to ask for a pre-need insurance or funeral expense tax deduction can face some limitations,

HSA Vs. HMO

Tue, 24 Jul 2018 20:04:40 +0800

The difference between an HSA and HMO is really comparing apples to oranges, as these are two very different entities in the world of health care. A Health Savings Account is a tax-free way to save for medical expenses, while an HMO is a type of health insurance plan. An HDHP is needed for an HSA.

How Much Tax Is There When Withdrawing a 403(b)?

Mon, 23 Jul 2018 17:55:41 +0800

A 403(b) plan allows you to save money in a tax-sheltered account, but when you take distributions, it’s time to pay up. Using a 403(b) withdrawal tax calculator to figure taxes on your distributions helps you budget for how much you need to withdraw and avoid tax penalties on early distributions.

Are Cobra Payments Deductible for Income Tax Filing?

Tue, 17 Jul 2018 16:01:25 +0800

To learn if COBRA medical insurance is tax deductible, one must first determine that one's employer is not subsidizing COBRA. If that is the case, deducting COBRA fees is simply a matter of compiling annual medical expenses to see if they add up to more than 7.5 percent of annual gross income.