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Tax Planning: U.S.

Recent Answers

2016-09-14 Nonprofit Law - Gross Receipt Calculation:

By using the phrase "contribution towards" it appears that the donation is made in cash (or check). Even though the donor may have earmarked the use of the funds, the donation is considered a cash donation

2016-09-09 Nonprofit Law - PTO donation to a student?:

Generally, a 501(c)(3) organization may give grants to or for the benefit of individuals who are what the IRS calls charitable beneficiaries.  Low-income students are in the class of charitable beneficiaries

2016-09-08 Tax Law (Questions About Taxes) - Tax Penalty:

Nominal.    But you can avoid all penalty by doing a withholding which is treated as paid pro rata and not the day made.    One easy way is to take a distribution from an IRA for say 100x.   But withhold

2016-09-08 Tax Law (Questions About Taxes) - Taxes:

John,    Thanks for your question.     Probably no penalty. There are three safe harbors to avoid a penalty for underpayment. You may qualify on the third one. Making a payment now would help.    1. You

2016-09-07 Tax Law (Questions About Taxes) - Deducting Interest on RV Loan:

Sara,    Thanks for your question.    The RV must have a lien on it in order to deduct the interest. When the lender does not provide a Form 1098, you would include the name, identifying number (SS number


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