How Charitable Donations Help Save on Your Tax Bill

You can claim tax-deductible charitable donations while filing your tax return by itemizing the contributions on Schedule A of IRS Form 1040 or 1040-SR. It is usually limited to a certain percentage, for instance, 60% of the taxpayer’s adjusted gross income (AGI).

What is Standard Tax Deduction Amount for 2022-23?

The standard deduction is one of the most important tax benefits available, as it can significantly reduce the amount of your taxable income. Even if you don’t possess any other eligible deductions or tax benefits, the IRS permits you to avail of the standard deduction without any queries.

What Is IRS Form 1099-DIV – Dividends and Distributions?

A 1099-DIV tax form serves as a record that a company or other financial entity paid dividends to investors. An investor can receive Form 1099-DIV from banks and financial institutions if they earned more than $10 in dividends on your investments.

Popular tax deduction breaks in 2023

A tax deduction is an expense that gets reduced from the amount of gross income, thereby lowering your taxable income and tax bill. The total amount of tax you can save depends on the type of tax benefit you claim from or your income tax return bracket.

Are tips taxable? How and when to report tips

tips for tax

Tips are income. If you receive tips in the form of debit or credit card transactions, that’s also taxable. If you receive tips from your employer or some other employer shares their tips with you, that’s also taxable.

Tax tasks every newly-married couple should do

newly-married couple

After marriage, you both have to decide if you are going to file taxes jointly or separately. If you choose the former, then you will have more options in the IRA contribution and deductions.