With the April 15 tax deadline just around the corner, some may be scrambling to get the necessary paperwork together. One item that can be difficult to find, but that can be very important relates to community giving.While businesses and individuals alike support causes they are passionate about for the greater good of the community, those donations are also tax write-offs and can bring about significant savings when filing taxes. However, there are very specific rules and regulations to abide by in order for the government to monitor the various types of charitable giving. Our tax attorneys at Harris Shelton work with accountants to help ensure all legalities related to tax preparation are met. There are different levels of tax breaks depending on the identities of the nonprofit (receiver) or businesses/individual (payer), as well as the type of donation - in-kind, monetary, etc. And, the regulations for each can change annually. That being said, it is important to keep a record of all personal and business donations, even if you don't think there is a write-off opportunity available. You could be pleasantly surprised. The recent PATH Act of 2015 brought to light lesser-known tax breaks for charitable donations, including beneficial changes pertaining to:Food donations from businesses with food inventoryLand donations for conservation effortsMonetary donations given directly from an IRA In addition, the PATH Act also accounts for non-charity-related tax provisions. Overall, it includes more than $620 billion in tax reductions for families and businesses.Working with a certified tax expert can help ensure that, whether you are a business or individual, you are rewarded for your citizenship. For more information, contact any of the firm's attorneys who specialize in taxation, Neal Graham, Dee Hobbs or Chad Roberts.
Working with a certified tax expert can help ensure that, whether you are a business or individual, you are rewarded for your citizenship. For more information, contact any of the firm's attorneys who specialize in taxation, Neal Graham, Dee Hobbs or Chad Roberts.
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