Tax Tip: 2020 Charitable Contributions Deduction

Tax Tip: 2020 Charitable Contributions Deduction Ordinarily, only taxpayers who itemize deductions may deduct charitable contributions on their federal tax returns. However, the CARES Act allows many people who do not itemize to claim a deduction for 2020 cash contributions to IRS-approved charities. Tax deductions lower a person’s tax bill by reducing taxable income. In […]

Setting Yourself Up for a Hassle-Free Tax Season in the New Year

Setting Yourself Up for a Hassle-Free Tax Season in the New Year By taking a few simple steps now, you can greatly reduce uncertainty and stress during the upcoming 2020 tax filing season. These four actions will help complete your return efficiently, without unpleasant surprises: Gather Documents Showing Wage, Business and Other Income If you […]