IRS deductions

2018 Tax Prepayment Confusion

[…] What many people decided to do is to make an estimated payment for the future, yet unknown, tax for the 2018 calendar year. The tax departments were happy to accept these payments and place them in escrow – until the future time when taxes will be assessed. Then your prepayment will be applied towards your tax, and you will be […]

Donations for Hurricane Harvey relief: the IRS angle

[…] Donations of time and labor are not tax-deductible. It does not matter what you did, how much time you spent and how much it was worth – no deduction. You’re allowed to deduct two things related to volunteering: 1. Out-of-pocket expenses specifically related to […]