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Cindy Lim, CPA


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What can you deduct when volunteering?

Nov 6, 2018 5:22:00 AM / by Cindy Lim, CPA posted in Tax, Community Involvement, deductions

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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.

 

 

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Section 179 Benefits

Mar 27, 2018 9:00:00 PM / by Cindy Lim, CPA posted in Tax, 179, section

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If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018.

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Tax-Saving Ideas for Your Investments

Oct 9, 2017 8:00:00 AM / by Cindy Lim, CPA posted in Tax, Investments, Tax Savings

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A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before year end to offset your gains. This can reduce your 2017 tax liability.

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What is the tax deduction for donating a vehicle?

Jul 31, 2017 9:00:00 AM / by Cindy Lim, CPA posted in Tax, Charitable Donations

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All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction.

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2016 IRA contributions: there's still time!

Mar 21, 2017 10:41:22 AM / by Cindy Lim, CPA posted in Tax, IRAs, Retirement Planning

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Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea.

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What Are the Tax Consequences of a Home Sale?

Jun 15, 2016 9:47:06 AM / by Cindy Lim, CPA posted in Tax

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As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only about the potential profit (or loss) from a sale, but also about the tax consequences.

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Contribute to your IRA by April 18, 2016

Mar 23, 2016 9:13:00 AM / by Cindy Lim, CPA posted in Tax, IRAs, Retirement Planning

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Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years. So it’s a good idea to use up as much of your annual limits as possible. Have you maxed out your 2015 limits?

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Are You Eligible for the Home Office Deduction?

Feb 23, 2016 8:20:04 AM / by Cindy Lim, CPA posted in Tax, Home Office Deduction

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Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it.

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