Charitable Donations

The holiday season is always a time when people think of making gifts, especially charitable gifts. These gifts not only can do a lot of good but become especially nice when you can get a charitable deduction for them. Unlike those gifts given by Santa, you have to meet a number of specific rules in …

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Top 12 Year-End Holiday Scams

I am sad to announce that some of Santa Sandy’s elves are being very naughty this year. There will definitely be no toys or gifts for them! Here are the top 12 scams that these elves perpetrate during the holiday season as reported by Gary Davis of McAfee: 12) Phony classifieds- This involves phony offers …

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Deducting Year-End Gifts

Ho Ho Ho! Santa Sandy is here to bring you year-end cheer! Many of you probably give gifts for either Christmas, Chanukah, birthdays etc. Wouldn’t these gifts be a LOT cheaper if you can get a deduction for them? Well, you might be able to if you know the rules! 1. Normally, you can deduct …

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Turning in Tax Cheats for Money

Do you want to potentially make a LOT of money and benefit your country at the same time? Consider turning in tax cheats! IRS can pay up to 15% to informants on proceeds received from those they turn in if the amount is under $2,000,000 and the individual turned in earns over $200,000 a year. …

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Depreciating Antiques, Cars and Musical Instruments Used in Business

To depreciate antiques, cars, and musical instruments, you have to show that the item is subject to “wear and tear, decay, decline or exhaustion.” Both cars and musical instruments used in business do get wear and tear from use. This is not necessarily true for antiques sitting on your office shelf though. Thus, you can …

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Additional Year-End Tax Planning Tips

Up until fairly recently, there was a marriage penalty. It paid, tax-wise, to be single as long as possible. However, most of the penalties associated with being married have been eliminated and now being married, filing joint returns, can actually give you some better tax breaks than being single. Thus, if you are considering getting …

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