Friday, January 24, 2014
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
Don’t you find this year’s tv ads for Henry and Richard are particularly stupid.
* Over at the MainStreet.com TAX CENTER I report “The Start of Tax Filing Season Is Delayed”.
* MainStreet.com’s “parent”, THE STREET, brings us “7 Tax Mistakes You Don't Know You're Making.”
* From 1040 GEEK (a new, to me, tax blog I recently discovered) – "5 Reasons to Hire Tax Professionals".
* And once you have decided to hire a tax professional, FORBES.COM’s Kelly Phillips Erb lists “11 Questions To Ask When Hiring A Tax Preparer”.
* Jason Dinesen explains “Deducting Miles Driven for Charity” at DINESEN TAX TIMES.
Apparently Jason’s home state of Iowa is more generous with its state tax deduction than the idiots in Congress, who has not increased the allowable standard mileage allowance for years.
* Bruce McFarland’s last “Tax Talk Tuesday” before its tax season hiatus discusses an apparently popular topic this time of year - “Finding a Tax Pro”.
* JD SUPRA BUSINESS ADVISOR provides a tax tip that bears constant repeating - “Tax Tip: Don't Lose Your Charitable Deduction for Lack of Paperwork - A message from tax attorney Paul Topolka, former District Counsel of the IRS for North-South Carolina” -
“For cash contributions of $250 or more, a cancelled check/credit card receipt is not enough.
You must obtain, by the time your return is filed (including extensions) in order to satisfy the contemporaneous requirement of the Section 170(f)(8), a written statement from the charity. It must:
· Reflect the amount of the donation;
· List any significant goods or services provided in exchange for the donation (other than intangible religious benefits); or,
· Specifically state that ‘no goods or services were provided in exchange for this contribution’.”
Paul rightly suggests (highlight is his) -
“So please review your charitable deductions now and look for the magical statement that:
‘No goods or services were provided in exchange for this contribution.’”