Posts Tagged "charity"

Don’t forget to document your spring cleaning donations

Posted on May 14, 2018

If spring cleaning has left you with items that you want to donate to charity, remember that donations of used clothing and household items must generally meet certain requirements to be tax-deductible. First, such items must be in “good used condition or better.” Second, a receipt from the charity is required. If a receipt is not available (such as at unattended drop-off locations), reliable written records are still required. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter....

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Don’t fall for the “tax-deduction” charity scam

Posted on Apr 16, 2018

The IRS is warning taxpayers about fake charitable organizations tricking people into donating to receive tax deductions. This type of scam has made the IRS’s 2018 Dirty Dozen scam list. These scammers attempt to attract donations from unsuspecting people by using a charitable reason and a tax deduction as bait for taxpayers. In reality, donations to these “fake” groups or causes don’t qualify for tax deductions. If you plan on donating to charitable organizations, make sure you are familiar with the group. Legitimate and qualified charities are listed on the IRS’s Select Check search tool. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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Great uses for your tax refund

Posted on Apr 11, 2018

Most Americans get a refund every year, with the average check weighing in at $2,895 last year. Even though it’s really money that they earned, many people are tempted to treat it like a windfall and splurge. If you can resist that temptation, here are some of the best ways to put your refund to good use: Pay off debt. If you have debt, part of your refund could be used to reduce or eliminate it. Paying off high-interest credit card or auto loan debt means freeing up the money you had been paying in interest for other uses. And making extra payments on your mortgage can put more money in your pocket over the long haul. Save for retirement. Saving for retirement allows the power of compound interest to work for you. Consider depositing some of your refund check into a traditional or Roth IRA. You can contribute a total of $5,500 every year, plus an extra $1,000 if you are at least 50 years old. Save for a home. Home ownership can be a source of wealth and stability for many people. If you dream of owning a home, consider adding your refund to a down payment fund. Invest in yourself. Sometimes the best investment isn’t financial, it’s personal. A course of study or conference that improves your skills or knowledge could be the best use of your money. Give to charity. Giving your refund to a charity helps others and gives you a deduction for your next tax return. Don’t give to scammers! Scammers are using a new tactic to separate people from their tax refunds. First, they file fraudulent refunds on behalf of their victims. Then, after a refund check arrives at the taxpayer’s address, they impersonate an IRS agent over the phone and demand to be sent the refund because it was sent in error. Remember, real IRS agents will never call over the phone and demand immediate payment for any reason. If you use some of your refund for one of the ideas here, you can also feel good about setting a little aside for yourself to have some fun! Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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If you donated money to charity, you’ll need these records

Posted on Mar 16, 2018

If you plan on deducting charitable contributions on your 2017 tax return, you’ll need to have certain records. Gifts by check or credit/debit card must have written documentation showing the contribution amount and date, as well as the name of the organization you gave to. If the contribution is more than $250, you’ll also need a written acknowledgement from the charity created at the time you made the donation. If you receive something in return for donating, you can deduct only the difference between the contribution amount and the value of the benefit you received in return. Give us a call if you have questions about deducting your charitable contributions. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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Donating to a charity? Do this

Posted on Nov 17, 2017

If you plan on donating to a charity, take steps to ensure it’s tax-deductible. First, check to see if the organization you’d like to donate to is qualified and registered with the IRS. You can do this by visiting the IRS website, or calling (877) 829-5500. You’ll also need to collect receipts to file with your tax return, and get an independent appraisal for noncash donations greater than $5,000. Remember, contributions are deductible in the year they are made. Donations must be made by Dec. 31 to be deductible in 2017. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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