Charity Deductions
You must be able to itemize your tax return to take charity deductions. If you can’t itemize this year you can bunch your deductions and make your contributions next year. There are different types of donations. Cash Donations If you donate cash and don’t receive a receipt you don’t have a deduction. You can no […]
INVESTMENT INCOME | subject to tax
Are your investments subject to the 3.8% Net Investment Tax? It targets things like vacation homes and investment properties owned by high income individuals who exceed the threshold. This law requires a tax of 3.8% on the lesser of either your net investment income or the amount by which your modified adjusted gross income (MAGI) […]
