Donation basics to ensure a proper tax deduction Donating to charity not only helps others, it can reduce your tax bill — but only if the charity qualifies as a tax-exempt organization. Checking for qualified status If you plan on itemizing your deductions on your tax return, make sure the organization you're donating to is …
Month: August 2026
Understanding Tax Terms: AFRs
Your grandson needs a car, but cannot afford the payments. As a favor, you provide the $25,000 to purchase the car. You tell your grandson to pay you back when he can, but there is no loan document. The IRS sees this payment during an audit and asks you where your interest income is for …
The Tax Impact as Your Children Grow Up
Prepare now for potential income tax hits As your children grow older, you can easily be surprised by a larger tax bill. To help plan for the tax impact of these changes, consider these tax implications as your dependent children age. A higher tax bill in your future At age 13: Loss of your Dependent …
2026 Health Savings Account Limits
Reminder to review your contributions Contribution limits for the ever-popular health savings account (HSA) are outlined here for 2026. Now is a great time to review your contribution levels and make adjustments as appropriate while there is still plenty of time left for 2026. HSA defined An HSA is a tax-advantaged savings account whose funds …
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