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 ‘Tax Deductions’ 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

Tax Deductions and You – What You Need to Know

Posted by Mark On February 8th

Tax Deductions and You - What You Need to Know

Over the past couple of months we have provided tips about tax deductions. Whether you are familiar with taxes and accounting or not, we hope you have learned more about what is deductible and what is not. In case you haven’t read this information, you can download it as a FREE eBook by clicking the picture above. Or simply read on and we’ll give you a summation of our posts on what you need to know about tax deductions.

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So, you’ve made it to the end of the year.

Taxes (Photo courtesy of David Reber's Hammer Photography)

Finish up those small business tax strategies for 2011 and you can start the new year ready to go!

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