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Donated non-monetary items may require appraisal to determine their value. Valuation is not required for private stock valued at $10,000 or less and intellectual property. Form 8283 must not be used for personal expenses related to volunteering or charitable work, or to pay fees or expenses in cash or by credit card. 501(c)(3) Organizations
September 25, 2022 Section 501(c)(3) is part of the Internal Revenue Code (IRC) and is a special tax category for non-profit organizations. Philanthropy
September 25, 2022 Philanthropy refers to charitable acts or other acts of kindness that help others or society as a whole. Qualified Charitable Organization
September 25, 2022 A qualified charitable organization is recognized as exempt from taxes when carrying out philanthropic, non-commercial or civic activities. Quid Pro Quo Contribution
September 25, 2022 A quid quo pro donation to charity is a donation for which the donor receives something of value in return. 1040 U.S. Individual Tax Return Form
September 25, 2022 Form 1040 is what individual taxpayers use to file tax returns with the IRS. 1040A Form
September 25, 2022 Form 1040-A was a simplified version of Form 1040 used to file personal income taxes. 1040EZ Form
September 25, 2022 Form 1040EZ was an abridged version of Form 1040 for taxpayers with basic tax situations. Ad Valorem Tax
September 25, 2022 Value tax is a tax based on the appraised value of an item, such as real estate or personal property. Additional Child Tax Credit
September 25, 2022 The Supplemental Child Tax Credit was the refundable portion of the Child Tax Credit. Adjusted Gross Income (AGI)
September 25, 2022 The IRS uses your adjusted gross income (AGI) to determine how much income tax you owe in a year. After-Tax Income
September 25, 2022 After-tax income is gross income less federal, state and withholding taxes. Amended Return
September 25, 2022 An amended return is a form filed to correct a previous year’s tax return. American Opportunity Tax Credit (AOTC)
September 25, 2022 The American Opportunity Tax Credit (AOTC) helps offset the cost of post-secondary education for students or their parents (if the student is a dependent). Annualized Income Installment Method
September 25, 2022 Self-employed taxpayers must make quarterly estimated tax payments. Backup Withholding
September 25, 2022 Reserve withholdings are funds set aside for tax purposes on withdrawn investment income. Capital Gains Tax
September 25, 2022 Capital gains tax is payable only after the sale of the investment. Capital Loss Carryover
September 25, 2022 Capital losses that exceed capital gains for the year may be used to offset normal taxable income of up to $3,000 in any tax year. Child Tax Credit
September 25, 2022 A child tax credit is a refundable tax credit claimed by completing Form 1040 and attaching Form 8812 to the return. Corporation
September 25, 2022 A corporation is a legal entity separate and distinct from its owners. Corporations have many of the same legal rights and obligations as individuals. Custodian
September 25, 2022 A custodian is a bank that holds financial assets in safe custody to minimize the risk of theft or loss. Deadweight Loss Of Taxation
September 25, 2022 Taxation deadweight loss measures the total economic loss caused by a new tax on a product or service. Deductible
September 25, 2022 Deductible taxes are expenses that a taxpayer or business can deduct from their adjusted gross income, which reduces their income, thereby reducing the total tax they must pay. Deduction
September 25, 2022 A deduction is an expense that can be deducted from taxable income to reduce the amount owed. Deferred Tax Asset
September 25, 2022 A deferred tax asset is a balance sheet item that results from an overpayment or advance in taxes. Deferred Tax Liability
September 25, 2022 A deferred tax liability is an obligation to pay taxes in the future.