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Tax Planning: U.S.

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2014-07-26 Nonprofit Law - IRS allowable expense for non-profit:

The IRS rule for what nonprofits may spend money on is similar to the standard that the IRS uses when determining what is a valid business expense for an ordinary business. For example, see  http://www

2014-07-25 Tax Law (Questions About Taxes) - Charitable Contributions - Mutual Funds:

Dave,    Thanks for your question.    In donating the mutual fund shares to a qualified charitable organization, you can take a deduction for the fair market value of the contribution, but you are limited

2014-07-25 Tax Law (Questions About Taxes) - Church giving pastor a van can it be considered income:

If the church gives it to an employee or the family member of an employee,it is taxable income.  I realize you may not consider the pastor an employee, but under IRS rules he is performing services for

2014-07-24 Tax Law (Questions About Taxes) - Estate Taxes:

Robert,    Thanks for your question.    Your cost basis is the fair market value as of date of death.  The tax can be paid by the estate or the beneficiaries. It results in less tax if the beneficiaries

2014-07-24 Tax Law (Questions About Taxes) - Church giving pastor a van can it be considered income:

Annette,    Thanks for your question.    The van would be taxable income to the pastor and a W-2 should be issued to him for the fair market value of the van.     Hope this helps.    John Stancil, CPA

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