(1) Use your bank credit card to pay year end deductible expenses;
for transactions with a bank credit card, you take the deduction
in the year that the item was charged, even if you pay the bill next year.
(2) Remember the rules for substantiating charitable contributions
as you do your year-end giving.
Starting this year, donors are required to document ANY cash donations
they make to churches or other charities, no matter how small.
That means having a canceled check, a bank record or receipt with
the group's name and donation amount. A log isn't enough.
If you made your donations via payroll deduction, a pay stub or W-2 form
listing donated amounts anda pledge card with the charity's name are OK.
- Four Things to Know about Taxes and Starting a Business - November 14, 2017
- You probably should be making estimated tax payments to the IRS - November 7, 2017
- 2015 Standard Mileage Rates from the IRS - December 23, 2014
- Deducting your home office – webinar Wednesday - September 8, 2014
- Webinars on hiring independent contractors and avoiding common tax mistakes - April 30, 2014
- IRS? There’s an app for that - February 12, 2014
- IRS Tax Calendar for Small Business and Self-Employed - December 31, 2013
- 2014 Standard Mileage Rates for Business, Medical and Moving Announced - December 7, 2013
- Where can you find answers on the Affordable Care Act? The IRS - August 21, 2013
- Avoiding the Top Tax Mistakes - June 13, 2013