WHAT CONSTITUTES A GIFT TO CHARITY? A gift to charity is simply a gratuitous transfer of property to a charitable organization. The key is that your gift must be some kind of property — your time or personal services do not count. There are several different types of property that can be donated to charity, […]
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Personal Deduction Planning
Taxes, like death, are inevitable. But why pay more than you have to? The trick to minimizing your federal income tax liability is to understand the rules and make the most of your tax planning opportunities. Personal deduction planning is one aspect of tax planning. Here, your goals are to use your deductions in the most […]
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Tax Withholding
A common question we encounter is: How much in taxes should I have withheld from my paycheck? This is a frequent thought once the prior year’s tax returns have been filed and individuals are looking ahead to the current year. Reviewing your withholding periodically is important because if you do not estimate your income tax withholding […]
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More on Taxes… What Happens to My Charities?
Many of you are BWFA tax clients, and our team of tax professionals assist you with filing your annual tax returns, doing quarterly analysis of the proper amount of estimated taxes where necessary, and a host of other tax analyses. The most recent “tax season” was one of the most challenging for all of us, with […]
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How Does Everyone Feel About Taxes?
I’m assuming you all have answers I don’t want to hear. Last quarter, Amy Cudia (Tax Advisor) took the time to tell you about Federal tax credits and how they work. Let’s discuss even more ways to save you money. WITHHOLDING I know what you’re going to say: Changing my withholding doesn’t change the amount […]