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A further trap awaits the unwary U.S. investor who donates depreciated assets – assets on which there have been losses in value – to charity. The gift actually forfeit the tax deductibility of the capital losses, and only the depreciated (low) market value at the time of the gift is allowed to be deducted, rather than the higher basis.
IRS Direct File is a popular free program that offers guidance and support as you fill out your tax return and file your taxes directly with the IRS. And it may not be long for this world. On Feb ...
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
The IRS announced last year that it will make the free electronic tax return filing system permanent and asked all 50 states and the District of Columbia to help taxpayers file their returns ...
For example, every $1 million in stocks shifted into a 30-year OCLAT would immediately save the donor 30% of income taxes (an extra $300-$500k cash preserved in April) and–over the next three ...
The Office of the Taxpayer Advocate, also called the Taxpayer Advocate Service (TAS), is an office within the Internal Revenue Service (IRS) of the U.S. Department of the Treasury, reporting directly to the Commissioner of Internal Revenue. [1]
For 24 hours during this promotion, readers can stock up on a large number of e-books for free. But Kindle offers free e-books all of the time. Simply search “Free books on Kindle” to find a ...
Covering an emergency expense is now a little easier. The IRS wants you to know about a simple way to access $1,000 fast — interest-free and penalty-free.