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Charitable Contributions (For the 2018 Tax Year)

FOR THE 2018 TAX YEAR: Limit for charitable contributions is modified. The limit on the deduction for charitable contributions of cash has increased from 50 percent to 60 percent of a taxpayer’s adjusted gross income. This means that some taxpayers who make large donations to charity may be able to deduct more of what they give this year. FOR BUSINESS: A charitable donation deduction is available to businesses, but the actual amount deductible depends on the business form. A corporation is allowed a deduction of up to 10% of its taxable income; whereas, a pass-through entity is subject to an individual's limitations. IN THE SPIRIT OF CHARITABLE GIVING: Here is 50% off the TAX TIPS Digital Planner: Code- 2019LAUNCH

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What Tax Is That?

As a Business Owner, it can be difficult to know all of the Taxes that apply to you. Often times, you may not be aware of a Tax filing requirement until a notice is received. Here are the most common Tax Filing Requirements applicable to Businesses:⠀⠀⠀⠀⠀⠀⠀⠀⠀ - Income Tax⠀⠀⠀⠀⠀⠀⠀⠀⠀- Estimated Taxes⠀⠀⠀⠀⠀⠀⠀⠀⠀- Self Employment Tax⠀⠀⠀⠀⠀⠀⠀⠀⠀- Employment Taxes⠀⠀⠀⠀⠀⠀⠀⠀⠀- Excise Tax⠀⠀⠀⠀⠀⠀⠀⠀⠀The form of business you operate determines what taxes you must pay and how you pay them. Also, depending on your Product & State, additions taxes may be required such as Sales Tax or Use Tax. Does this sound confusing? Is this a topic you would like a Tax Tip Live about? Comment ‘YES’ below!⠀⠀⠀⠀⠀⠀⠀⠀⠀

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