Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

Archive for the ‘Income Tax’ Category

Happy Monday to you!

We wanted to assure you knew about this wonderful resource provided by the IRS regarding “Giving Tuesday” (tomorrow, November 28, 2017).

What is Giving Tuesday?

Giving Tuesday is an annual event celebrated the week after Thanksgiving to kick off the season of charitable giving. Taxpayers making donations may be able to deduct them on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help.

What is the IRS Select Check Tool?

Exempt Organizations Select Check on IRS.gov is a tool that allows users to search for charities. It provides information about an organization’s federal tax status and filings.

Here are four facts about EO Select Check:

  1. Donors can use it to confirm an organization is tax exempt and eligible to receive tax-deductible charitable contributions.
  2. Users can find out if an organization had its tax-exempt status revoked. A common reason for this is that the organization did not file its Form 990 or notices annually as required.
  3. EO Select Check does not list certain organizations that may be eligible to receive tax-deductible donations. This includes churches, organizations in a group ruling, and governmental entities.
  4. An organization’s “doing business as” name is not searchable. Search using an organization’s legal name instead.

Taxpayers can also use the Interactive Tax Assistant, Can I Deduct my Charitable Contributions? to help determine if a charitable contribution is deductible.

Enjoy!

Mark & the Makara-Associates Team

7 Things You Should Know About the Tax Consequences of Debt Forgiveness

Over the past few weeks I’ve given you some valuable insight in regards to how the IRS will treat your short sale or foreclosure when you file your income taxes. In case you haven’t read this information, you can download it for FREE from my eBook library. Or simply click “read more” where I’ll give you a summation of my posts on debt forgiveness.

Read the rest of this entry »

Foreclosed Home (Photo courtesy of Mike Licht) - Foreclosure/Short Sale taxes

This is the seventh tip in our series 7 Things You Should Know About the Tax Consequences of Debt Forgiveness which is also available as a free eBook from your Fort Myers Accounting Firm.

It is possible for you to receive multiple tax forms (1099A & 1099C) in the same year. This is based on a variety of scenarios, depending on how you file your 1040 in the case of foreclosure taxes or short sale taxes.

Read the rest of this entry »

Now, more than ever before, the IRS is buckling down…

Tax Forms

on those people and businesses that are failing to file or issue their 1099 tax form.

Read the rest of this entry »