IRS Offers Tips for Year-End Giving

IR-2012-102, Dec. 19, 2012 WASHINGTON — Individuals and businesses making contributions to charity should keep in mind some key tax provisions that have taken effect in recent years, especially those affecting donations of clothing and household items and monetary donations. Rules for Clothing and Household Items To

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New Mileage Rates for 2013

The IRS recently announced mileage rates to be used for travel in 2013.  The Business, Medical, and  Moving mileage rates increase one cent versus 2012.  Unfortunately, the rate to be used for Charitable travel is unchanged because updates in this area require Congressional action.  Remember to create

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No Check! Where’s Your Proof?

What to do about your need for documentation Year-end is a good time to ensure you have proper documentation to substantiate your tax deductions. This is important as many banks start deleting online documentation that is over one year old. Background Two things have happened over the

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Social Security Tax Changes

In an October 16, 2012 press release, the Social Security Administration (SSA) announced and increase in monthly Social Security and Supplemental Security (SSI) benefits. The 1.7 increase represents a cost-of-living adjustment (COLA) that will begin for Social Security beneficiaries in January 2013 and for SSI beneficiaries on

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