Planned Giving

Your act of generosity, our longevity

With planned giving, you can provide long-lasting support for Boys & Girls Clubs of South Puget Sound while enjoying financial benefits for yourself.

Text Resize
Print
Email
Subsribe to RSS Feed

Wednesday July 18, 2018

Washington News

Washington Hotline

IRS Summertime Tax Tips

In IR 2018-149, the Service highlighted tax tips for the summer season. While most taxpayers are understandably thinking about barbeques and summer vacations, the IRS offered seven summertime suggestions that may affect taxpayers.
  1. Summer Jobs - Many students and younger individuals work during the summer. They may not have earned enough to owe income tax, but their employers will withhold Social Security and Medicare taxes from their pay. If the individual is self-employed, he or she must pay Social Security and Medicare taxes even if there is no income tax obligation. These taxes will also count toward future Social Security benefits. The employer should send a Form W-2, Wage and Tax Statement, by January 31, 2019. It will show the withholding amount for state and federal taxes, Social Security and Medicare. Taxpayers will need this form in order to file their annual tax returns.
  2. Withholding - Seasonal or part-time workers should check their withholdings to be sure that the correct amount of tax is withheld. The Withholding Calculator on IRS.gov will help with that process. Taxpayers can estimate their income, credit adjustments and deductions in order to determine the correct withholding amount.
  3. July Weddings - Newlywed taxpayers may want to recheck some items after the honeymoon. A name change should be reported to the Social Security Administration and an address change should be reported to the United States Postal Service. This will ensure that any tax forms or items needed to file taxes are sent to the correct address. Once again, the Withholding Calculator at IRS.gov will be helpful, particularly if there are two wage earners.
  4. Summer House Clean Up - Summertime presents a good opportunity to conduct a home cleanup and clear-out effort. Many taxpayers will find that some household goods are no longer needed. If a taxpayer makes a donation of household goods that are in "good used condition or better" to a qualified charity, the taxpayer may receive a charitable deduction. The charity should provide a receipt that includes the date of the gift and description of the items. If the value of the gift is over $5,000, the taxpayer will need to obtain a qualified appraisal to substantiate the deduction.
  5. Volunteer and Drive - Many taxpayers with good hearts will volunteer for charitable organizations. Driving activities while on organization-sponsored trips qualify for a deduction of $0.14 per mile for charitable travel. Volunteers will need to record the date of the trip date and the mileage in order to itemize their deductions.
  6. Day Camp Credit - Working parents with children under 13 years of age may qualify for the Child and Dependent Care Credit. This is not permitted for overnight camps, but a day camp may count for the credit. IRS Publication 503, Child and Dependent Care Expenses, will be helpful for taxpayers who desire to claim this credit.
  7. Remember to File for Tax Refund - Even if the amount of income earned is not enough to require filing of an income tax return, there is still a good reason to file. If the taxpayer's employer has withheld funds for federal income tax, the taxpayer will qualify for a refund if he or she files a tax return. Taxpayers can file any time within three years and receive the refund without penalty.



Published July 13, 2018
Print
Email
Subsribe to RSS Feed

Previous Articles

"Almost a Postcard" Tax Return

IRS Security Summit Success

ABLE Accounts Enhanced Under TCJA

Updating Your Estimated Tax Payments

Making Gifts to Help Disaster Victims

scriptsknown

Gift Options

Donor Stories

Learn how others have made an impact through their acts of giving to our organization and others. Explore the many benefits of charitable gift planning.

more

How to Give

Learn how to make a gift that provides tax benefits and even life income.

more

What to Give

Find out what type of assets make the best planned gifts. Learn about gifts of cash, securities and property.

more

Planned Gifts Calculator

View a presentation that shows the benefits of a planned gift based on your property and goals.

more

News

Personal Planner

Bequests to Your Favorite Charity Bequests to charity are the most popular type of planned gift. A donor may retain assets during life and then leave a...

more

Finance News

Hewlett-Packard Continues Resurgence Treasuries Rise on Mixed Economic Data Interest Rates Stay Low

Savvy Living

Personal Tech Products Designed Specifically for Seniors. Can you recommend any tablets, smartphones or computers that are specifically designed for seniors? I would like to buy...

more

Washington News

IRS End-of-Year Tax Tips

In IR-2014-110, the IRS offered tax tips for end-of-year charitable giving. 1. Household or Clothing Gifts ? These items must be in good used condition or better..

more

For Advisor

Advisor Resources

We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends.

more

Deduction Calculator

The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format

more

Private Letter Ruling

Estate Distributes to Foundation without Self-Dealing

Decedent formed Company and subsequently formed Irrevocable Trust...

more

Washington News

IRS End-of-Year Tax Tips

In IR-2014-110, the IRS offered tax tips for end-of-year charitable giving. 1. Household or Clothing Gifts ? These items must be in good used condition or better.

more

GiftLaw Pro

Charitable Tax Reference

GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...

more

Case of the Week

Living on the Edge, Part 4

Rhea Jones, 75, lives in a beautiful coastal town in northern California. Rhea?s home occupies three...

more

Article of the Month

Gifts of Pass-Through Business Interests

A charitable gift of a business interest can make a wonderful gift to charity. At the same time,...

more