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The VITA tax returns are prepared by IRS tax law certified volunteers. The volunteers are taught how to use tax software and specific tax law each year. They must pass a tax law exam to receive basic or advanced certification. The passing score is 80%. Certificates expire at the end of the tax year and must be renewed.
Charity non-profits face many of the same challenges of corporate governance which face large, publicly traded corporations. Fundamentally, the challenges arise from the "agency problem" - the fact that the management which controls the charity is necessarily different from the people who the charity is designed to benefit. In a non-profit ...
The Tax Credit Assistance Program (TCAP) is a Federal housing grant program administered by HUD which assists Low Income Housing Tax Credit (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of the American Recovery and Reinvestment Act which was signed by President Obama on February 17, 2009.
The IRS website has a tool to help you calculate your standard deduction. Use either the standard deduction amount or your total itemized deductions, whichever results in a lower tax liability ...
The donor-advised fund is one of the most tax-efficient ways to donate money to charity, which has helped it become the fastest-growing charitable giving vehicle in the U.S., according to Fidelity ...
Operation Blessing International Relief and Development Corporation (OBI) is an Evangelical Christian organization headquartered in Virginia Beach, Virginia, United States. Founded in 1978, OBI operates in more than 90 countries, focusing on disaster relief , medical aid, clean water, hunger relief , community development, and orphan care programs.
The conservative U.S. Supreme Court, which has repeatedly ruled for religious claims that limit duties set by government, may free Catholic charities from paying the taxes.
The taxable income of the donor is reduced by $300. If the donor's income was in the 35% income tax bracket both before and after the deduction, the donor's tax liability (amount of taxes owed to the government) is reduced by $105.