Wealthy individuals can have ultimate control over their charitable dollars by setting up their own private foundations. These foundations are tax-exempt organizations required to distribute a set per...
No charitable deduction can be claimed for donations directly to individuals; only donations to IRS-recognized charities are deductible. Deductions are allowed only for items that are in good use...
If you want to claim an itemized deduction for your charitable contributions, be sure to note these 5 key points:Check whether the organization is eligible to receive tax-deductible donations. Do...
It's rare that you can have your cake and eat it, too, but that's just what happens in the case of conservation easements. Usually, you have to give your entire interest in property in order to obtain...
Contributions to foreign charities or foreign governments Donations of blood to the Red Cross or other blood banks Gifts directly to needy individuals Gifts to chambers of commerce, unions, o...
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Subscriptions to Professional Journals and Newsletters
It has been estimated that information in the world now doubles every two years. How can you keep up with developments affecting your job or profession? Journals, newsletters, magazines, and online subscription sites help to provide needed information for your work, the cost of which may be deductible.
The cost of subscriptions to professional journals and newsletters are deductible. This applies to print as well as online versions. The cost is treated as a miscellaneous itemized deduction. Miscellaneous itemized expenses are deductible only to the extent they exceed 2 percent of adjusted gross income (the 2 percent of AGI floor).
There is no dollar limit on the amount you can deduct for subscriptions to professional journals and newsletters.
The Great Recession Hits IRAs Hard
The government reports that the fair market value of IRAs fell from $4.7 trillion in 2007 to $3.7 trillion in 2008. This is a 22.5% decrease. What’s more, withdrawals in 2008 were $227.5 billion, up from $167.1 billion in 2007.
Source: Statistics of Income Bulletin, Spring 2012
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