Eight Essential tips in Charitable Contributions

Eight Essential tips in Charitable Contributions

From the IRS web site irs.gov, eight guidelines to ensure that  your charitable contributions lower your tax bill. Please note: you can itemize (use form Schedule A) with your 1040 only if your total itemized deductions exceed your standard deduction. Schedule A accounts for mortgage interest, medical and dental expenses exceeding the 7.5 percent floor (7.5 percent of AGI or adjusted gross income), real estate taxes,charitable contributions,  state tax withholdings, and miscellaneous expenses exceeding the 2 percent floor of AGI


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s