Unless 501(c)(3) organizations prove they’re publicly supported, the IRS assumes they’re private foundations. The distinction is important, because publicly supported charities enjoy higher tax-deductible donation limits and generally are exempt from excise taxes and related penalties.
The tax code recognizes several types of publicly supported organizations, but most 501(c)(3) charities fall into one of two categories. The first, ... Read More ›
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible ... Read More ›
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situation. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension).
However, it’s a good time to familiarize yourself with tax amounts that may have changed ... Read More ›