Individual and Corporate Tax Preparation | Accounting Services | Coral Springs, Fl | 954-828-2373
Cash donations and check donations are charitable donations to a qualified tax exempt 501 (c) (3) organization or charity such as churches or religious organizatons and can be claimed on your income tax return if you itemize deductions on Schedule A. Ask the charity for written receipt …
Casualty | Theft Losses–A casualty loss results from damage, destruction, or loss of property from any sudden, unexpected, or unusual event, such as a flood, tornado, hurricane, fire, earthquake or volcano. A casualty loss doesn’t include normal wear and tear or …
Charitable donations and contributions of money or property that you make to, or for the use of, a qualified organization may be deducted it you itemize deductions on Form 1040 Schedule A. The donations and contributions must be made to a qualified organization and …
Investment Interest Expense Investment interest expense may be deducted if you itemize deductions, but only to the extent of your net investment income. Use Form 4952 Investment Interest Expense Tax Deduction to deduct margin loan interest or the interest of an investment like an investment …
Second Home Mortgage Interest Tax Deduction Second Home Mortgage Interest is a deduction if you itemize deductions and do not hold it for rent or resale to others at any time during the year. You do not have to use the home during the …
Home Equity Loan, a loan for reasons other than to buy, build, or substantially improve your home, may qualify for mortgage interest deduction. In addition, loans you receive to buy, build, or substantially improve your home, to the extent they are more than the home …
Alimony received and alimony paid are both reported on Form 1040 of your income tax return. Child support is never reported by the payer or the payor. Commonly asked questions are: If I get a divorce, will I have to …
Dividends Dividend income is taxable dividend income reported to you on Form 1099-DIV. Stock dividends and dividend income are distributions from corporations of money, stock, or other property due to your ownership of shares in the corporation. Corporate dividends are …
Interest Income Taxable Interest income is taxable income usually from a Form 1099-INT earned from various investments. Interest income may be earned from bank accounts, money market accounts, certificates of deposit, Treasury bills, notes, bonds, cooperative banks, credit unions, loan …
Non Cash Donations, such as clothing, household items, cars, boats, and airplanes, may be deducted on your income tax return if you itemize deductions and donate them to a qualified organization. However, you should keep substantiation for all non-cash donations and …