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...
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...
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...