The Internal Revenue Service has published the 2024 Estate and Gift Exemption Amounts. The Unified Exclusion Amount is $13,610,000 and the Annual Gift Exemption Amount is $18,000. In addition to the annual gift exemption, payments made directly to medical providers or educational institutions are considered non-reportable. Married couples will be able to gift up to Read the full article…
Philanthropy is generosity in all forms and is often defined as the act of giving to better the lives of others. Monetary donations go a long way to fund projects that provide resources to those in need. According to Giving USA, Americans donated more than $1 billion a day to various charities in 2022, resulting Read the full article…
Taxpayers who donate to charity should check out the IRS’ resources to become aware of the tax regulations. Below are the top 6 IRS resources for taxpayers making donations: Tax Exempt Organization Search This tool can be used by taxpayers to find out if the organization they have contributed to qualifies as a charitable organization Read the full article…
Publication: KROST Most restaurateurs know that inventory contributed to charity can be deducted based on the cost of the inventory. What many restaurants may not know is that new legislation allows a taxpayer to claim higher deductions closer to the actual value of the inventory. This results in increased deductions for restaurants, grocery stores, and any Read the full article…
