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Donations for 2020 – new deduction
Nonitemizers can claim an above-the-line deduction max of $300for charitable 2020 cash contributions. Individuals not itemizing Schedule A can take both the standard deductionand a max deduction of up to $300 in cash contributions. This is per return, meaning couples who file jointly can deduct only $300, not $600. The 60%-of-AGI limit on charitable gifts of…
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Offer in Compromise (OIC)
An Offer in Compromise (OIC) is an offer by you to settle the tax debt for less than what you owe. Two payment options: Lump Sum Cash is 20% upfront with balance over five or fewer payments within 5 months of the day your offer is accepted. Periodic Payment requires first…
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Qualified Disaster Payments to Employees During COVID-19
§139 of the Internal Revenue Code (the “Code and if you ever tried to read it you will know why they call it Code)”) excludes from a taxpayer’s gross income certain payments to individuals to reimburse or pay for expenses related to a qualified disaster. CONVID-19 is considered a Qualified Disaster in all states…. A…
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Florida Sales Tax Questions
Use this link for questions. State of Florida is very good at responding. Be specific. https://floridarevenue.com/faq/Pages/contactus.aspx […]Read More… from Florida Sales Tax Questions
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Premature Distribution during VIRUS
When a premature distribution is made, it needs to be marked as a coronavirus-related distribution. The distribution can be made any time in 2020 up to an aggregate limit of $100,000 and the 10% additional tax is waived. You can also spread out the tax burden over three years (2020, 2021, and 2022) or decide…