The Internal Revenue Service has issued the 2025 optional standard mileage rates. They're used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2025, the standard mileage rates...
The Internal Revenue Service has issued the 2024 optional standard mileage rates. They're used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2024, the standard mileage rates...
The Internal Revenue Service has issued the 2023 optional standard mileage rates. They're used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.Beginning on Jan. 1, 2023, the standard mileage rates for...
Question #1: You use your credit card to donate to a qualified charity on December 31 this year. You don't pay the credit card bill until January next year. For which year do you get to take the charitable contribution deduction on your federal (IRS) income taxes? Of...
If you are age 70½ or older you can donate from your IRA directly to the Qualified Organization (see below) of your choice — tax-free! This special IRA donation rule allows each individual to give up to the exclusion limit in each year. I call this the “Give and Grin...
From the IRS: Crowdfunding is a popular way to raise money online. People often use crowdfunding to fundraise for a business, for charity, or for gifts. It's important to know that money raised through crowdfunding may be taxable. Highlights from the IRS Tax Tip If a...
From the IRS: After an emergency or disaster, people rally to help victims by donating money. Unfortunately, this can give criminals an opportunity to prey on them by soliciting donations for fake charities. Scammers may also pose as federal agencies to dupe disaster...
As I remind you in The Best Charities for You, it's up to donors to evaluate charities. Although most charities must register with the IRS and file annual information returns on Form 990, the IRS is not set up to evaluate or monitor charities. Want proof? Not long...
The Internal Revenue Service has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use...
Special 2021 Note: Individual ($300) and married ($600) filers can take a charitable deduction for 2021 charitable donations, even if they don't itemize (that is, use the standard deduction). A Q&A to help you protect your year-end charitable deductions Question...