ROB D CPA, Inc.- Wacky Wednesday-taxes

Our last Wacky Wednesday for 2014, enjoy.  Reminder, we are closing today at 2 p.m.

ROB D CPA, Inc.- Holiday Hours

Good morning. We hope everyone had an enjoyable Christmas.  Due to the holiday again our week is a bit off so here is our schedule for the week;

Monday-Regular business hours
Tuesday- Regular  business hours
Wednesday/New Year's Eve- Closing at 2 p.m. Be safe and have fun!
Thursday and Friday-CLOSED

As always, if you need us, please feel free to give us a call.

ROB D CPA, Inc.-Wacky Wednesday-break up & taxes

Happy Wacky Wednesday and on Christmas Eve, how fun!  Just a reminder we are closing at 2 p.m. today and not returning until Monday 12/29/14. Wishing all a very Merry and safe Christmas.  Enjoy your celebrations!

ROB D CPA, Inc.-Holiday Schedule

Good Monday Morning to you,  We just wanted to give you a heads up as to what tour schedule  looks like,

Monday 12/22/14- Regular business hours

Tuesday 12/23/14- Regular business hours

Wednesday Christmas Eve 12/24/14- Closing at 2 p.m.

Thursday Christmas Day -CLOSED, Have a happy and safe Christmas!

Friday 12/26/14- CLOSED

If you need to reach us, please free to call Rob on his cell phone.

ROB D CPA, Inc.-Financial Friday- Indvidual Tax TIps

As the end of the year approaches so does the end of another tax year and there are things you need to know.

From tax credits and educational expenses to the AMT, many of the tax changes affecting individuals for 2014 were related to the signing of the American Taxpayer Relief Act (ATRA) in 2013--tax provisions that were modified, made permanent, or extended. With that in mind, here's what individuals and families need to know about tax provisions for 2014.

Personal Exemptions
The personal and dependent exemption for tax year 2014 is $3,950.

Standard Deductions
The standard deduction for married couples filing a joint return in 2014 is $12,400. For singles and married individuals filing separately, it is $6,200, and for heads of household the deduction is $9,100.
The additional standard deduction for blind people and senior citizens in 2014 is $1,200 for married individuals and $1,550 for singles and heads of household.

Income Tax Rates
In 2014 the top tax rate of 39.6 percent affects individuals whose income exceeds $406,750 ($457,600 for married taxpayers filing a joint return). Marginal tax rates for 2014--10, 15, 25, 28, 33 and 35 percent--remain the same as in prior years. Due to inflation, tax-bracket thresholds increased for every filing status. For example, the taxable-income threshold separating the 15 percent bracket from the 25 percent bracket is $73,800 for a married couple filing a joint return.

Estate and Gift Taxes
In 2014 there is an exemption of $5.34 million per individual for estate, gift and generation-skipping taxes, with a top tax rate of 40 percent. The annual exclusion for gifts is $14,000.

Alternative Minimum Tax (AMT)
AMT exemption amounts were made permanent and indexed for inflation retroactive to 2012. In addition, non-refundable personal credits can now be used against the AMT.
For 2014, exemption amounts are $52,800 for single and head of household filers, $82,100 for married people filing jointly and for qualifying widows or widowers, and $41,700 for married people filing separately.

Marriage Penalty Relief
The basic standard deduction for a married couple filing jointly in 2014 is $12,400.

Pease and PEP (Personal Exemption Phaseout)
Pease (limitations on itemized deductions) and PEP (personal exemption phase-out) limitations were made permanent by ATRA (indexed for inflation) and affect taxpayers with income at or above $254,200 (single filers) and $305,050 for married filing jointly in tax year 2014.

Flexible Spending Accounts (FSA)
Flexible Spending Accounts are limited to $2,500 per year in 2014 and apply only to salary reduction contributions under a health FSA. The term "taxable year" as it applies to FSAs refers to the plan year of the cafeteria plan, which is typically the period during which salary reduction elections are made.
Specifically, in the case of a plan providing a grace period (which may be up to two months and 15 days), unused salary reduction contributions to the health FSA for plan years beginning in 2012 or later that are carried over into the grace period for that plan year will not count against the $2,500 limit for the subsequent plan year.
Further, employers may allow people to carry over into the next calendar year up to $500 in their accounts, but aren't required to do so.

Long Term Capital Gains
In 2014 taxpayers in the lower tax brackets (10 and 15 percent) pay zero percent on long-term capital gains. For taxpayers in the middle four tax brackets the rate is 15 percent and for taxpayers whose income is at or above $406,750 ($457,600 married filing jointly), the rate for both capital gains and dividends is capped at 20 percent.

Individuals - Tax Credits

Adoption Credit
In 2014 a nonrefundable (i.e. only those with a lax liability will benefit) credit of up to $13,190 is available for qualified adoption expenses for each eligible child.

Child and Dependent Care Credit
The child and dependent care tax credit was permanently extended for taxable years starting in 2013. If you pay someone to take care of your dependent (defined as being under the age of 13 at the end of the tax year or incapable of self-care) in order to work or look for work, you may qualify for a credit of up to $1,050 or 35 percent of $3,000 of eligible expenses.
For two or more qualifying dependents, you can claim up to 35 percent of $6,000 (or $2,100) of eligible expenses. For higher income earners the credit percentage is reduced, but not below 20 percent, regardless of the amount of adjusted gross income.
Child Tax Credit
For tax year 2014, the child tax credit is $1,000. A portion of the credit may be refundable, which means that you can claim the amount you are owed, even if you have no tax liability for the year. The credit is phased out for those with higher incomes.
Earned Income Tax Credit (EITC)
For tax year 2014, the maximum earned income tax credit (EITC) for low and moderate income workers and working families increased to $6,143 (up from $6,044 in 2013). The maximum income limit for the EITC increased to $52, 427 (up from $51, 567 in 2013) for married filing jointly. The credit varies by family size, filing status and other factors, with the maximum credit going to joint filers with three or more qualifying children.

Individuals - Education Expenses

Coverdell Education Savings Account
You can contribute up to $2,000 a year to Coverdell savings accounts in 2014. These accounts can be used to offset the cost of elementary and secondary education, as well as post-secondary education.
American Opportunity Tax Credit
For 2014, the maximum American Opportunity Tax Credit that can be used to offset certain higher education expenses is $2,500 per student, although it is phased out beginning at $160,000 adjusted gross income for joint filers and $80,000 for other filers.
Employer Provided Educational Assistance
In 2014, as an employee, you can exclude up to $5,250 of qualifying post-secondary and graduate education expenses that are reimbursed by your employer.
Lifetime Learning Credit
A credit of up to $2,000 is available for an unlimited number of years for certain costs of post-secondary or graduate courses or courses to acquire or improve your job skills. For 2014, the modified adjusted gross income threshold at which the lifetime learning credit begins to phase out is $108,000 for joint filers and $54,000 for singles and heads of household.
Student Loan Interest
In 2014 you can deduct up to $2,500 in student-loan interest as long as your modified adjusted gross income is less than $65,000 (single) or $130,000 (married filing jointly). The deduction is phased out at higher income levels. In addition, the deduction is claimed as an adjustment to income so you do not need to itemize your deductions.

Individuals - Retirement

Contribution Limits
For 2014, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is $17,500 (same as 2013). For persons age 50 or older in 2014, the limit is $23,000 ($5,500 catch-up contribution). Contribution limits for SIMPLE plans remain at $12,000 for persons under age 50 and $14,500 for persons age 50 or older in 2014. The maximum compensation used to determine contributions increases to $260,000.
Saver's Credit
In 2014, the AGI limit for the saver's credit (also known as the retirement savings contributions credit) for low-and moderate-income workers is $60,000 for married couples filing jointly, $45,000 for heads of household, and $30,000 for married individuals filing separately and for singles.
Please contact us if you need help understanding which deductions and tax credits you are entitled to. We are always available to assist you.

But if this is all overwhelming, no need to worry, just give us a call.  It isn't to early either. 

ROB D CPA, INC.-Wacky Wednesday- Tax planning

Happy Wednesday! Half way and next week is a short week, hang in there, we can do this.  Hope everyone has a nice day. Enjoy another Wacky Wednesday! 

ROB D CPA, Inc.-Financial Friday

Hello and welcome to another Financial Friday.  This one is a good one to keep in mind for your business gift giving.  Happy shopping and have a nice weekend.

During the holiday season, many business owners give gifts to customers to thank them for their business. In turn, IRS offers business owners a deduction for the cost of the gifts. But before you go shopping, check your list twice because there are strict limitations on how much you can deduct, reports the Texas Society of CPAs.   THE GENERAL RULES The IRS allows your business to deduct up to $25 for business gifts you give to any one person per year. There is no limit on how many people you can give business gifts to during the year, nor on how much you spend for those gifts, although your business gift deduction is limited to $25 per recipient. That means if you give your customer a $50 gift basket, be prepared to settle for a $25 deduction. If, during the course of a year, you give two gifts to a customer – one worth $10 and one worth $15 – you can still claim the maximum $25 deduction. The $25 limit does not include incidental costs, such as packaging, gift-wrapping, engraving, or mailing costs. Costs are considered incidental if they don’t add substantial value to a gift. SPECIAL CIRCUMSTANCES If you and your spouse both give a business gift to the same recipient, for tax purposes, you are treated as one person. This is true even if you and your spouse have separate business connections with the recipient. If you present a gift to a member of a customer’s family, the gift is generally considered to be an indirect gift to the customer. This IRS rule does not apply if you have a bona fide, independent business connection with the family member, unless it is intended for the customer’s eventual use. PENS AND FRISBEES Many businesses give customers and clients small promotional items such as key chains, pens, and plastic bags. Items that cost $4 or less, have your company name clearly and permanently imprinted on them, and are widely distributed may be deducted without limitation. GIFT OR ENTERTAINMENT EXPENSE? What happens when you give a client or customer tickets to the theatre or a sporting event? If you go to the event with the person, the rule is that you must treat the cost as an entertainment expense, subject to the entertainment expense rules. In that case, the $25 limitation doesn’t apply. However, as an entertainment expense, you may deduct only 50 percent of the cost. If you give the tickets and do not attend the event yourself, you can choose whether to declare the tickets a gift, subject to the $25 limitation, or entertainment expense. In this case, you should make the decision based on which is more advantageous. For instance, suppose you gave a client two $75 tickets to a football game for his or her personal use. If you treat those tickets as an entertainment expense, you may deduct $75 (50 percent of $150). Treating those tickets as a gift would limit your deduction to $25. AS ALWAYS, GOOD RECORDS: THE KEY TO CLAIMING DEDUCTIONS CPAs say it’s important to keep accurate records of all business gift expenses, since this is an area that the IRS closely monitors. Be sure to record the date, name of the business associate, and the cost of the gift, and hold onto receipts to substantiate your deduction. A CPA can answer any questions you have about business gift deductions.   Copyright 2006, American Institute of Certified Public Accountants

 

ROB D CPA, Inc.-Dec. Newsletter

Good morning, just wanted to let you all know our monthly newsletter has been published for December.  If you have not subscribed to it, you may do so by visiting our website, right on our homepage, www. robdcpa.com.  It is easy to do, just leave us your e-mail and you will automatically receive it each month.  Please note, we do not sell or share our list and we do not bombard you with e-mails.

If you would like to read the newsletter please visit,http://www.robdcpa.com/newsletter.php
Thank you and enjoy! 

ROB D CPA, Inc.-Wacky Wednesday, When I grow up

Good morning! Hope you have a nice day along with the rest of the week.  We will be back on Friday for our Financial Friday, til then...

ROB D CPA, Inc.-Financial Friday-Giving to charties

Another Friday upon us, happy Friday!


Tis the season for giving to charities.  But remember there are scams out there so protect yourself and your donations. 

Here are some basic, common-sense suggestions for avoiding rip-offs in making charitable contributions:

• Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation.
• Do not be misled by a charity that resembles or mimics the name of a well-known organization--all charities should be checked out.
• Ignore pressure to donate immediately. Wait until you are sure that the charity is legitimate and deserving of a donation.
• When appropriate, ask for written descriptions of the charity's programs and/or finances, especially if the intended contribution is substantial.
• If you have any doubt about the legitimacy of a charity, check it out with the local charity registration office (usually a division of the state attorney's general office) and with the Better Business Bureau (BBB).

Related Guide: Please see the Financial Guide: FRAUDULENT CHARITIES: How To Protect Yourself.

Tip: You should, of course, keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.

Related Guide: Please see the Financial Guide: ADVANCED CHARITY TECHNIQUES: Maximizing Your Deductions.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

Since charities ask for larger and more frequent donations from the public these days, soliciting by mail, telephone, television, and radio for example, they should be checked out before you donate money or time. Here are some tips on how to maximize your charity dollar and avoid scams.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

Here are some basic, common-sense suggestions for avoiding rip-offs in making charitable contributions:

• Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation.
• Do not be misled by a charity that resembles or mimics the name of a well-known organization--all charities should be checked out.
• Ignore pressure to donate immediately. Wait until you are sure that the charity is legitimate and deserving of a donation.
• When appropriate, ask for written descriptions of the charity's programs and/or finances, especially if the intended contribution is substantial.
• If you have any doubt about the legitimacy of a charity, check it out with the local charity registration office (usually a division of the state attorney's general office) and with the Better Business Bureau (BBB).

Related Guide: Please see the Financial Guide: FRAUDULENT CHARITIES: How To Protect Yourself.

Tip: You should, of course, keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.

Related Guide: Please see the Financial Guide: ADVANCED CHARITY TECHNIQUES: Maximizing Your Deductions.

Giving Your Time

Volunteering your time can be personally rewarding, but it is important to consider the following factors before committing yourself:

• Make sure you are familiar with the charity's activities. Ask for written information about the charity's programs and finances.
• Be aware that volunteer work may require special training and the devotion of a scheduled number of hours each week to the charity.
• If you are considering assisting with door-to-door fund-raising, be sure to find out whether the charity has financial checks and balances in place to help ensure control over collected funds.

Tip: Although the value of your time as a volunteer is not deductible, out-of-pocket expenses (including transportation costs) are generally deductible.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

Since charities ask for larger and more frequent donations from the public these days, soliciting by mail, telephone, television, and radio for example, they should be checked out before you donate money or time. Here are some tips on how to maximize your charity dollar and avoid scams.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

Here are some basic, common-sense suggestions for avoiding rip-offs in making charitable contributions:

• Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation.
• Do not be misled by a charity that resembles or mimics the name of a well-known organization--all charities should be checked out.
• Ignore pressure to donate immediately. Wait until you are sure that the charity is legitimate and deserving of a donation.
• When appropriate, ask for written descriptions of the charity's programs and/or finances, especially if the intended contribution is substantial.
• If you have any doubt about the legitimacy of a charity, check it out with the local charity registration office (usually a division of the state attorney's general office) and with the Better Business Bureau (BBB).

Related Guide: Please see the Financial Guide: FRAUDULENT CHARITIES: How To Protect Yourself.

Tip: You should, of course, keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.

Related Guide: Please see the Financial Guide: ADVANCED CHARITY TECHNIQUES: Maximizing Your Deductions.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

 Here are some basic tips  for avoiding scams;

Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation. - See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

• Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation.
• Do not be misled by a charity that resembles or mimics the name of a well-known organization--all charities should be checked out.
• Ignore pressure to donate immediately. Wait until you are sure that the charity is legitimate and deserving of a donation.
• When appropriate, ask for written descriptions of the charity's programs and/or finances, especially if the intended contribution is substantial.
• If you have any doubt about the legitimacy of a charity, check it out with the local charity registration office (usually a division of the state attorney's general office) and with the Better Business Bureau (BBB).

Related Guide: Please see the Financial Guide: FRAUDULENT CHARITIES: How To Protect Yourself.

Tip: You should, of course, keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.

Related Guide: Please see the Financial Guide: ADVANCED CHARITY TECHNIQUES: Maximizing Your Deductions.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

1) Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation.

2) Do not be misled by a charity that resembles or mimics the name of a well-known organization--all charities should be checked out. Ignore pressure to donate immediately.

3)Wait until you are sure that the charity is legitimate and deserving of a donation. When appropriate, ask for written descriptions of the charity's programs and/or finances, especially if the intended contribution is substantial. If you have any doubt about the legitimacy of a charity, check it out with the local charity registration office (usually a division of the state attorney's general office) and with the Better Business Bureau (BBB).

 Related Guide: Please see the Financial Guide: FRAUDULENT CHARITIES: How To Protect Yourself. Tip: You should, of course, keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.

Related Guide: Please see the Financial Guide: ADVANCED CHARITY TECHNIQUES: Maximizing Your Deductions.

• Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation.
• Do not be misled by a charity that resembles or mimics the name of a well-known organization--all charities should be checked out.
• Ignore pressure to donate immediately. Wait until you are sure that the charity is legitimate and deserving of a donation.
• When appropriate, ask for written descriptions of the charity's programs and/or finances, especially if the intended contribution is substantial.
• If you have any doubt about the legitimacy of a charity, check it out with the local charity registration office (usually a division of the state attorney's general office) and with the Better Business Bureau (BBB).

Related Guide: Please see the Financial Guide: FRAUDULENT CHARITIES: How To Protect Yourself.

Tip: You should, of course, keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.

Related Guide: Please see the Financial Guide: ADVANCED CHARITY TECHNIQUES: Maximizing Your Deductions.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

Here are some basic, common-sense suggestions for avoiding rip-offs in making charitable contributions:

• Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation.
• Do not be misled by a charity that resembles or mimics the name of a well-known organization--all charities should be checked out.
• Ignore pressure to donate immediately. Wait until you are sure that the charity is legitimate and deserving of a donation.
• When appropriate, ask for written descriptions of the charity's programs and/or finances, especially if the intended contribution is substantial.
• If you have any doubt about the legitimacy of a charity, check it out with the local charity registration office (usually a division of the state attorney's general office) and with the Better Business Bureau (BBB).

Related Guide: Please see the Financial Guide: FRAUDULENT CHARITIES: How To Protect Yourself.

Tip: You should, of course, keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.

Related Guide: Please see the Financial Guide: ADVANCED CHARITY TECHNIQUES: Maximizing Your Deductions.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

Here are some basic, common-sense suggestions for avoiding rip-offs in making charitable contributions:

• Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation.
• Do not be misled by a charity that resembles or mimics the name of a well-known organization--all charities should be checked out.
• Ignore pressure to donate immediately. Wait until you are sure that the charity is legitimate and deserving of a donation.
• When appropriate, ask for written descriptions of the charity's programs and/or finances, especially if the intended contribution is substantial.
• If you have any doubt about the legitimacy of a charity, check it out with the local charity registration office (usually a division of the state attorney's general office) and with the Better Business Bureau (BBB).

Related Guide: Please see the Financial Guide: FRAUDULENT CHARITIES: How To Protect Yourself.

Tip: You should, of course, keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.

Related Guide: Please see the Financial Guide: ADVANCED CHARITY TECHNIQUES: Maximizing Your Deductions.

Giving Your Time

Volunteering your time can be personally rewarding, but it is important to consider the following factors before committing yourself:

• Make sure you are familiar with the charity's activities. Ask for written information about the charity's programs and finances.
• Be aware that volunteer work may require special training and the devotion of a scheduled number of hours each week to the charity.
• If you are considering assisting with door-to-door fund-raising, be sure to find out whether the charity has financial checks and balances in place to help ensure control over collected funds.

Tip: Although the value of your time as a volunteer is not deductible, out-of-pocket expenses (including transportation costs) are generally deductible.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

 If you are interested in learning more about protecting charitable donations visit our website http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely

Here are some basic, common-sense suggestions for avoiding rip-offs in making charitable contributions:

• Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation.
• Do not be misled by a charity that resembles or mimics the name of a well-known organization--all charities should be checked out.
• Ignore pressure to donate immediately. Wait until you are sure that the charity is legitimate and deserving of a donation.
• When appropriate, ask for written descriptions of the charity's programs and/or finances, especially if the intended contribution is substantial.
• If you have any doubt about the legitimacy of a charity, check it out with the local charity registration office (usually a division of the state attorney's general office) and with the Better Business Bureau (BBB).

Related Guide: Please see the Financial Guide: FRAUDULENT CHARITIES: How To Protect Yourself.

Tip: You should, of course, keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.

Related Guide: Please see the Financial Guide: ADVANCED CHARITY TECHNIQUES: Maximizing Your Deductions.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

Here are some basic, common-sense suggestions for avoiding rip-offs in making charitable contributions:

• Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation.
• Do not be misled by a charity that resembles or mimics the name of a well-known organization--all charities should be checked out.
• Ignore pressure to donate immediately. Wait until you are sure that the charity is legitimate and deserving of a donation.
• When appropriate, ask for written descriptions of the charity's programs and/or finances, especially if the intended contribution is substantial.
• If you have any doubt about the legitimacy of a charity, check it out with the local charity registration office (usually a division of the state attorney's general office) and with the Better Business Bureau (BBB).

Related Guide: Please see the Financial Guide: FRAUDULENT CHARITIES: How To Protect Yourself.

Tip: You should, of course, keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.

Related Guide: Please see the Financial Guide: ADVANCED CHARITY TECHNIQUES: Maximizing Your Deductions.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

Here are some basic, common-sense suggestions for avoiding rip-offs in making charitable contributions:

• Do not contribute cash. All contributions should be in the form of a check or money order made out to the charity-never to the individual soliciting the donation.
• Do not be misled by a charity that resembles or mimics the name of a well-known organization--all charities should be checked out.
• Ignore pressure to donate immediately. Wait until you are sure that the charity is legitimate and deserving of a donation.
• When appropriate, ask for written descriptions of the charity's programs and/or finances, especially if the intended contribution is substantial.
• If you have any doubt about the legitimacy of a charity, check it out with the local charity registration office (usually a division of the state attorney's general office) and with the Better Business Bureau (BBB).

Related Guide: Please see the Financial Guide: FRAUDULENT CHARITIES: How To Protect Yourself.

Tip: You should, of course, keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.

Related Guide: Please see the Financial Guide: ADVANCED CHARITY TECHNIQUES: Maximizing Your Deductions.

Giving Your Time

Volunteering your time can be personally rewarding, but it is important to consider the following factors before committing yourself:

• Make sure you are familiar with the charity's activities. Ask for written information about the charity's programs and finances.
• Be aware that volunteer work may require special training and the devotion of a scheduled number of hours each week to the charity.
• If you are considering assisting with door-to-door fund-raising, be sure to find out whether the charity has financial checks and balances in place to help ensure control over collected funds.

Tip: Although the value of your time as a volunteer is not deductible, out-of-pocket expenses (including transportation costs) are generally deductible.

- See more at: http://www.robdcpa.com/taxstrategies-individuals.php?item=75&catid=27&cat=Charitable%20Contributions:%20How%20To%20Give%20Wisely#sthash.4Ng5kvQK.dpuf

If you find our Financial Fridays helpful, please let us know by leaving a comment, following our blog and sharing it with others.  Thank you and enjoy your weekend.

ROB D CPA, Inc.-Wacky Wednesday-Business Expense

Happy Wednesday afternoon. I know you have all been waiting all morning so without any further wait, here is our Wacky Wednesday for the first Wednesday of December.  Enjoy!