Frazer LLP Blog

Jamie Fortin, CPA

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Charitable Deductions

May 9, 2018 4:00:00 AM / by Jamie Fortin, CPA posted in Charitable Donations, tax bill, deductions


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.

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Should you bunch your medical expenses in 2017?

Oct 16, 2017 10:14:00 AM / by Jamie Fortin, CPA posted in Tax, Tax Savings, Medical Expenses


Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction.

Because it can be difficult to exceed the floor, a common strategy is to “bunch” deductible medical expenses into a particular year where possible. If tax reform legislation is signed into law, it might be especially beneficial to bunch deductible medical expenses into 2017.

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