Tax Tip Tuesday: A Charitable Donation Change Under The Tax Cuts and Jobs Act
This week we will take a look at another change brought about by the recent tax reform bill. Old Law When a taxpayer made a monetary donation to a college or university that counted as a charitable donation, they would sometimes get the right to buy tickets to sporting events that they wouldn’t have access to without the donation. Before the Tax Cuts and Jobs Act law was passed, 80% of the ticket price was treated as a charitable contribution. The 80% rule applied whether or
Tax Tip Tuesday: Tax Scam Warning
Tax scams are continuing to be a major problem. Unfortunately, the scammers seem to be very active in our area based on the number of questions I've received recently. Scammers and cyber thieves continue to use the IRS as bait. The most common tax scams are phone calls and emails from thieves who pretend to be from the IRS. Scammers use the IRS name, logo, fake employee names and badge numbers to try to steal money and identities from taxpayers. Taxpayers need to be wary of p
Tax Tip Tuesday: March 15th Deadline
Here are some important items due on March 15th. Calendar S-Corporation tax returns are due. Calendar year partnership tax returns are due. An automatic six-month extension can be requested for both types of returns. Contributions to pension and profit sharing plans for S-Corporations and Partnerships are due unless a six-month extension is requested. We will be taking a break next week and will be back with a new edition on Tuesday, March 20th. Disclaimer: The items included
