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...
Taxes
Protect your year-end donation deductions — a Q&A
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...
Tax-free IRA donations are Smart!
Give and Grin. If you are age 70½ (70.5) 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 you to give up to $100,000 in a calendar year. We call this the "Grin...
IRS warns that some crowdfunding money may be taxable to the recipient
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...
IRS reminds us all to donate carefully after disasters to avoid scams
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...
We’re on our own checking charities – one scammer creates 76 IRS-approved fakes
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...
