Anthony Sykes & Company

           Many plan on making charitable donations this time of year, especially for Giving Tuesday. Before doing so, it is always best to know if the gift is tax-deductible. It is also a good practice to research the organization to make sure it is tax-exempt and get a written acknowledgement of a donation greater than $250. Usually, a gift of cash or property given to a charity can be deducted when itemized on a tax return. However, some donations do not qualify for a tax deduction. For example, a donation carried forward from a prior year, a donation made to a supporting organization, or donations made to most private foundations will not be eligible for a tax deduction. Take time now to plan your gift and understand how it may affect your taxes.

             The Internal Revenue Service ( IRS ) provides resources to meet the needs of different groups of people. That is especially true of active members of the military, veterans, and their families. Certain benefits relate to the taxpayer’s military status. There are different rules that apply to those who are serving abroad, or in combat zones.           Depending on their situation, they may qualify for automatic deadline extensions, and the ability to claim certain moving expenses. Military members and veterans often have some of the most uniquely complex tax situations. The IRS recognizes that. If you fall into this category, take time now to be prepared before January arrives.