Frazer LLP Blog

Home green home

Nov 13, 2018 8:49:00 AM / by Leland Kootstra posted in Tax, deductions, Green, Alternative Energy

0 Comments

“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.

 

Read More

What can you deduct when volunteering?

Nov 6, 2018 8:22:00 AM / by Cindy Lim, CPA posted in Tax, deductions, Community Involvement

0 Comments

 

Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case.

Donations of time or services aren’t deductible. It doesn’t matter if it’s simple administrative work, such as checking in attendees at a fundraising event, or if it’s work requiring significant experience and expertise that would be much more costly to the charity if it had to pay for it, such as skilled carpentry or legal counsel.

However, you potentially can deduct out-of-pocket costs associated with your volunteer work.

 

 

Read More

Tax Breaks for Teachers

Oct 2, 2018 12:05:00 PM / by Kaylene Edwards, CPA posted in Tax, Teachers, deductions

0 Comments

 

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Jobs Act (TCJA).

 

 

Read More

Charitable Deductions

May 9, 2018 7:00:00 AM / by Jamie Fortin, CPA posted in deductions, Charitable Donations, tax bill

0 Comments

When planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate.

Type of gift

One of the biggest factors affecting your deduction is what you give:

Cash. You may deduct 100% gifts made by check, credit card or payroll deduction.

Ordinary-income property. For stocks and bonds held one year or less, inventory, and property subject to depreciation recapture, you generally may deduct only the lesser of fair market value or your tax basis.

Long-term capital gains property. You may deduct the current fair market value of appreciated stocks and bonds held for more than one year.

Read More

Subscribe to Email Updates

Recent Posts

Popular Posts