Do Some Good, Get a Break

Would you like to give your business a break on taxes this year? Well, one of the best ways to get a well-deserved deduction is to make a charitable contribution to a worthy cause. The IRS, however, recently released some helpful tips on how to make sure you actually get that deduction.

Retail Goodwill (Photo credit: StockMonkeys.com)

For starters, notice that we said “a worthy cause.” What we (and the IRS) mean is that you need to be donating to a true and legitimate charity. Keep in mind that your gifts to people, political causes, and politicians don’t count, at least not as tax deductions.

The IRS also reminds people to file Form 1040 and to then itemize their deductions; otherwise, that deduction you’re banking on isn’t going to happen!

If you’re having trouble figuring out how to get your deduction, don’t take risks that could cause you to miss out. Instead, let a qualified corporate tax accountant, which you can find at Susan S. Lewis Ltd. of Naperville, assist you!

Monday, May 5, 2014