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Gifts to Charity: Six Facts About Written Acknowledgements

Throughout the year, many taxpayers contribute money or gifts to qualified organizations eligible to receive tax-deductible charitable contributions. Taxpayers who plan to claim a charitable deduction on their tax return must do two things: • Have a bank record or written communication from a charity for any monetary contributions. • … Continue reading

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Extension and Modification of Bonus Depreciation and Section 179 Rules

On December 18, 2015, the 2015 Protecting Americans from Tax Hikes (PATH) Act was passed by Congress, which extended, modified or made permanent several depreciation related provisions including: • Bonus depreciation was extended for an additional five years, through the 2019 tax year. For property placed in service during 2015, … Continue reading