Charitable organization

What Not To Do On Your Taxes According to Experts

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Being careful is import when completing your taxes and this year should make you a little bit nervous if you are preparing your taxes yourself. Even professionals are making a lot of mistakes according to the Government Accountability Office.

In a study done in 2014, 10% of preparers did not calculate a normal tax return correctly. The final error rates for tax preparation according to the study was 50% for self-prepared returns and 60% for professionally prepared returns. Of course, the professionals more than likely handle the tough returns. Still, those are alarming numbers.

Some errors are obvious mistakes … Read more at 2011 Taxes.

Ways to make the Most out of a Charitable Donation

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Any way you slice it, charitable donations are a plus for everyone involved. When you decide that it’s finally time to give back, there are countless ways to do so. But how do you make the most out of your decision to help out? There certainly isn’t anything wrong with maximizing your return on your donation, and helping out is easy. Here are a few things you may want to consider.

Volunteer

This is the simplest way to give back to your local community, and potentially the most rewarding. Anyone can donate money, but to give up your free time … Read more at 2011 Taxes.

Rules for Charitable Contribution Deductions

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Charitable contributions made to qualified organizations through the year may help reduce your tax bill.  Many organizations give donors pertinent details about their tax-deductible donation including the amount that can actually be reported on your tax return.  The following tips may help ensure donation made will be beneficial on your taxes.

  • Make sure you report charitable contributions on the correct form. The IRS states that form 1040 must be used to itemize deductions using Schedule A.
  • Upon reporting the deduction, make sure it was made to a qualifying charitable organization.  Contributions reported shouldn’t be donations made to individual or political
… Read more at 2011 Taxes.