Charity Tax Tips for the Holiday Season

Did you know that contributing and volunteering to qualified charities can lower your tax bill? With the holidays coming up, and people in the spirit of giving, I thought it would be a great time to list some tax tips for contributing to charities.

1. First, choose a charity that qualifies for tax deductions, such as churches, schools, and hospitals.
2. Remember to note each deduction on the Schedule A of Form 1040.
3. If you donate to a charity and receive something in return, your deduction must be noted as the amount exceeding the fair market value of the gift received.
4. Keep a record of your transactions if you are deducting a contribution of $250 or more.
5. You can decide if you want to donate now or later  based on your tax bracket. For example, if you expect to be in a higher tax bracket next year, deductions are more beneficial to you this year.
6. You don't always have to donate money - time is valuable as well. Volunteers can't deduct the value of their services, but they can deduct the cost of transporting themselves to their volunteer session.

Tis the season for giving!

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The True Meaning of Thanksgiving

Thanksgiving 2011 is just weeks away, and the same two things are on American's minds: food and football. It is the day where people can eat until they cannot eat any more, and sit on the couch with a room of family members and watch the Thanksgiving football game. In between your days of cooking and looking up football statistics and making bets all for the big day, take some time to think about the real reason you are coming together with your family for this annual tradition. Thanksgiving is a day to give thanks for everything you have been blessed with, such as the people you are sharing the day with, and the food you are able to have. Some people may have differnent things to be thankful for, whatever they are, keep them in mind along with how much you are going to eat and if your team will win.

Tax Deadlines Extended After Storm for NY, NJ and CT

The 2011 Autumn Snow Storm has caused an extension in payment and filing deadlines for taxpayers in areas directly affected by the snow storm. The areas include 13 counties in New York, and the states of New Jersey and Connecticut. New York deadlines have been postponed until November 16. 2011. Taxpayers do need to pay attention to the exceptions- not all of NY taxes are included in the extension, for example, withholding taxes on employees are not included. New Jersey's deadline is November 7th, and Connecticut's was postponed to November 15th.
Taxpayers who e-file or use web file returns and who are eligible for relief, need to note the   instructions  on the New York State Department of Taxation and Finance. Write "October Snow Storm" on the top center of the front page of any tax document along with a brief explanation of the circumstances that kept them from meeting the tax deadline. This information should not be written on the envelope.

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