With the legislative and executive branches of the federal government about to be under the control of one party, the time is growing ripe for a major tax bill. Already there is much being written about a push for a lower top federal income tax rate. A lower top rate would diminish the tax savings …Read More
That is, not deductible for federal income tax purposes. Gift of services – A gift of services (say, specialized investment or accounting services) may be valuable to a charity; but the value of the services is not deductible. The provider of the services may be awarded gift credit, of course. The IRS doesn’t care about …Read More
Read part one here. Let’s continue, beginning with credit card gifts. Charities typically don’t know the date of gift for a gift via credit card. Why? Because the date of gift is the date the charge is posted to the donor’s account as shown on the credit card statement. This is the date the donor …Read More