Charitable Donations

Can I deduct my donations on my taxes? It’s a question I get fairly frequently as a professional tax preparer. The answer is, it depends. In this TaxAssurances YouTube video I walk through how taxpayers can or cannot deduct the donations they make to different charitable organizations.

Also, here’s a helpful IRS website that goes over how taxpayers can potential take charitable donations as a deduction on their tax return. https://www.irs.gov/taxtopics/tc506 

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Is Any Of The Cash I Receive For Work I Do Taxable?

Assuming that any cash only income is more than the standard deduction, it is taxable.

Also, here is a helpful IRS website that explains the reporting requirements around cash based income. https://www.irs.gov/newsroom/heres-what-people-should-know-about-reporting-cash-payments

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How Can a Married Spouse File Head of Household?

For a number of reasons some married couples want to file their tax returns separately. Usually that means they have to file their individual tax returns as “married filing separately.” Unfortunately, filing that way causes them to lose certain valuable tax credits.

However, there is a way they can file as “Head of Household” and keep those credits. In this TaxAssurances YouTube video I walk through those options.

Also, here is a helpful IRS website that provides more guidance for couples that want to file their tax returns separately but still keep valuable tax credits: https://www.irs.gov/publications/p504#en_US_2019_publink1000175861

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Tax Deductible Business Travel

Business owners can deduct the expense of their business related travel. In this TaxAssurances YouTube video I talk about ways business owners can deduct the expense of business travel.

Also, here’s a helpful IRS video on tax deductible business travel: https://www.irs.gov/taxtopics/tc511 

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How Can Small Business Owners Keep Good Records?

Good record keeping should be at the center of any business. In this TaxAssurances YouTube video I offer suggestions on how business owners can keep good financial records for their business.

Also, here’s a helpful IRS website that provides guidance on how business can keep good records: https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping

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How Couples Can Withhold The Right Amount In Taxes

Married couples want to make sure they take out enough together when it comes to taxes. In this TaxAssurances YouTube video I walk through how couples can coordinate their taxes so that they don’t have any surprises during tax season.

Also, here is a helpful IRS website that helps couples make sure they set aside the right amount in taxes: https://www.irs.gov/forms-pubs/about-form-w-4 

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Dividend Income Is Taxable

Dividend income form an investment is taxable. In this TaxAssurances YouTube video I give advice on how to plan for the tax liability that comes with receiving dividends.

Also, here is a helpful IRS website that goes over dividends and how they are taxable: https://www.irs.gov/taxtopics/tc404 

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Is My IRS Corona Virus Check Taxable?

Millions of American have received checks from the IRS as a result of the corona virus. One of the outstanding questions about this check has been whether or not it’s taxable on the 2020 tax return. In this TaxAssurances’ YouTube video I answer that question.

Also, here is a helpful IRS website that provides more information about the economic impact of the corona virus. https://www.irs.gov/coronavirus/economic-impact-payment-information-center

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How 401k Contributions Help During Tax Season

401k plans are a great way to help reduce a taxpayer’s taxes. In this TaxAssurances YouTube video I give an example of how that works for an individual making $50,000 per year.

Also, here’s a helpful IRS website that provides more information on 401ks and how they help reduce a taxpayer’s tax liability. https://www.irs.gov/retirement-plans/plan-participant-employee/401k-resource-guide-plan-participants-401k-plan-overview 

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Is Social Security Income Taxable?

In this TaxAssurances YouTube video I talk about scenarios were social security is taxable and when it is not.

For further information around social security income being taxable, here is a helpful link to the IRS website: https://www.irs.gov/newsroom/are-social-security-benefits-taxable 

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