Posts Tagged "tax law"

Consider making a charitable gift from your IRA

Posted on Sep 12, 2013

The tax law signed last January extended the tax break that allows contributions of up to $100,000 from a traditional IRA to a qualified charity. Taxpayers aged 70½ or older can make a distribution directly from an IRA to a charity. The amount donated is not included in the taxpayer’s gross income and is considered part of the required minimum distribution for the year. 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 the McLean and Tysons Corner, VA. Gilliland & Associates specializes 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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Some tax facts…

Posted on May 4, 2012

* The Obama’s 2011 tax return reported adjusted gross income of $789,674. Their tax liability was $162,074, giving them an effective tax rate of 20.5%. * The average tax refund on returns filed for 2011 was $2,983. * For this tax filing season, the IRS had 5,000 fewer employees than it had a year ago. * In 1995, 114,000 IRS employees processed 205 million tax returns. This year, 91,000 employees will process 236 million returns. * The IRS must update its computers with each tax law change. Between 2000 and 2010, Congress made 4,428 changes to the tax...

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