Itemized Deductions

/Tag:Itemized Deductions

Reminder: There’s No Such Thing as a $500 Non-Cash Charitable Contribution “Standard Deduction”

By | March 7th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

This comes up every tax season and seems to be something people don't understand. On Schedule A, for itemized deductions, there's no such thing as a "$500 standard deduction for non-cash charitable contributions."

Comments Off on Reminder: There’s No Such Thing as a $500 Non-Cash Charitable Contribution “Standard Deduction”

Proper Documentation of Charitable Contributions

By | February 15th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

Questions often arise about how to properly document charitable contributions. Here’s a brief overview.

Comments Off on Proper Documentation of Charitable Contributions

S-Corporations and Charitable Contributions: A Brief Overview

By | November 7th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , |

The tax treatment of charitable contributions made by an S-corporation is something that clients sometimes question. Here's a brief overview.

Comments Off on S-Corporations and Charitable Contributions: A Brief Overview

Glossary: Standard Deduction

By | July 14th, 2016|Categories: Potpourri of Tax Topics|Tags: , |

The "standard deduction" is a deduction all taxpayers are entitled to. The deduction reduces taxable income.

Glossary: Casualty and Theft Loss

By | December 17th, 2015|Categories: Glossary|Tags: , |

A casualty and theft loss is a deduction allowed on tax returns for people who suffer property damage or theft.