- A Novel Way to Make Hurricane Relief Donations
- As they have done before in the wake of disasters, including Hurricane Katrina and Superstorm Sandy, the Internal Revenue Service is providing special relief that allows employees to donate their unused paid vacation, sick leave, and personal leave time to Hurricane Harvey and Irma relief efforts.
- Avoid Being Scammed by Fake Hurricane Charities
- Whenever there is a disaster such as the recent hurricanes, the lowlifes show up and try to scam generous individuals out of money intended to go to victims of the disaster. Don’t you be another victim of the disaster – watch out for scammers claiming to represent charitable organizations who will pocket the donations for themselves instead. Besides fraudsters soliciting on behalf of bogus charities, some so-called charities aren’t entirely honest about how they use contributions.
- Debt cancellation and your taxes.
- Did you have debt canceled during the year? If so, the amount of the canceled debt is taxable income.
- If your income is low this year, think about converting your traditional IRA.
- Maybe this is your opportunity to convert your traditional IRA to a Roth IRA, allowing you to enjoy tax-free retirement.
- Missing Out on a 9 Percent Business Tax-Deduction?
- The domestic-production activities deduction (DPAD) was enacted by Congress a few years ago to provide tax incentives for businesses that produce most of their goods or services in the United States rather than sending that work overseas. The DPAD is allowed for all forms of business entities (and their beneficiaries), including individuals, C corporations, farming cooperatives, estates and trusts. Pass-through entities such as S-Corporations and partnerships are also allowed to take the deduction, but in that case, it is passed through to the owners and partners.
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