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…
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Increased Deductions for Food Donations through The Katrina Relief Act: A new opportunity for businesses to substantially increase charitable deductions
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…