Donation

4 Overlooked Tax Deductions That Yield Big Rewards

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Tax time is upon us. While some people look forward to this time of year, many more dread it as they think about the amount of money that they may have to pay. It must be done, so let’s work at getting the most money back. After all, the IRS claims that millions overpay each year.

1. State Income Taxes
If you paid state taxes last year, then you are eligible to subtract them from your federal taxes this year. Make sure to know the exact amount that you paid in these taxes, so that your return is not delayed.… 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.