Garment District, New York
147 West 35th Street, Suite 1602
New York, NY 10001
(212) 974-3435

Bill O'Reilly is INNOCENT! David Selig stands with Bill O'Reilly + Today's Tax Tip April 20, 2017

Garment District, Manhattan
Bill O'Reilly is INNOCENT!  David Selig stands with Bill O'Reilly + Today's Tax Tip , Manhattan, New York

I believe in Bill O'Reilly’s innocence and am extremely disappointed with FOX, says David Selig of Selig & Associates. They [FOX] threw Bill under the bus, and deliberately destroyed his career - and they didn’t even have a scintilla of proof to back up their ugly and scurrilous accusations!

Today’s Tax Tip

LIMITS ON CHARITABLE DEDUCTIONS

The amount you can deduct for charitable contributions cannot be more than 50% of your adjusted gross income (AGI). Your deduction may be further limited to 30% or 20% of your AGI, depending on the type of property you give and the type of organization you give it to. If your total contributions for the year are 20% or less of your AGI, these limits do not apply to you.

50% LIMIT

This limit applies to the total of all charitable contributions you make during the year. This means that your deduction for charitable contributions cannot be more than 50% of your adjusted gross income for the year. Generally, the 50% limit is the only limit that applies to contributions to organizations listed below under 50% limit organizations. But there is one exception. The 30% limit also applies to such contributions if they are contributions of capital gain property for which you figure your deduction using fair market value without reduction for appreciation. (See Special 30% Limit for Capital Gain Property, later.)  50% limit organizations. You can ask any organization whether it is a 50% limit organization and most will be able to tell you. Or you can go to IRS.gov. Click on “Tools” and then on “Exempt Organizations Select Check” (www.irs.gov/Charities-&-Non-Profits/Exempt-Organizations-Select-Check). This online tool will enable you to search for qualified organizations.

 

Other Announcements, Events and Deals from Selig & Associates, Inc
TAX Problems? CONTRACTORS call SELIG & Associates , Manhattan, New York
FREE CONSULTATION Selig & Associates provides the most aggressive tax representation allowed by law. Specializing in Trust Fund Recovery Penalty (TFRP) representation, and ...read more
TAXES & LEGAL SAME-SEX MARRIAGES, Manhattan, New York
The IRS ruled that it would recognize legal marriages of same-sex couples. Such couples are treated as married for 2016 filing purposes (and so generally must file as married filing ...read more
HEALTH SAVINGS ACCOUNTS (HSAS), Manhattan, New York
The definition of a high-deductible health plan, which is a prerequisite to funding an HSA, means a policy with a minimum deductible for 2016 of $1,300 for self-only coverage and a m...read more
Tax Tips: Hiring New Employees, Manhattan, New York
On Hiring New Employees Eligibility for employment. You must verify that each new employee is legally eligible to work in the United States. This includes completing the U.S. C...read more