DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

There are tax breaks when you do charitable work

 

There are tax breaks when you do charitable work

If you do volunteer work for a charitable organization and have not kept track of your out-of-pocket expenses, you might be passing up an excellent opportunity to lower your tax bill. To qualify, your unreimbursed expenses must relate directly to the charity, and you must itemize your deductions on your tax return. Here is a brief rundown of some possible deductions.

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Selling vacant land could bring a tax break

Selling vacant land could bring a tax break

You probably know that you can exclude up to $250,000 of gain ($500,000 for most joint filers) when you sell your principal residence. IRS regulations may now allow you to apply this gain exclusion when you sell vacant land that is adjacent to your home.

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Business Start-Up Cost Write-Off

Deduct those start-up costs NOW!

If you started a new business venture in 2013, you may be in line for a special tax break for entrepreneurs.

DO THIS: Realize a fast write-off for "start-up costs." Normally, these business-related costs must be amortized over time, but you can take a current deduction for up to $5,000 of the qualified expenses.

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