The DMJ Digest

Insights and musings from the desks of DMJ professionals.

The DMJ Digest

Insights and musings from the desks of DMJ professionals.

Tax Breaks to Those Who Do Volunteer Work for Charity

f you are a volunteer worker for a charity, you should be aware that your generosity may entitle you to some tax breaks. Although no tax deduction is allowed for the value of services you perform for a charitable organization, some deductions are permitted for out-of-pocket costs you incur while performing the services (subject to the deduction limit that generally applies to charitable contributions). This includes items such as…

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When Individuals Require Appraisals for Their Charitable Contributions

If you donate property to a charity, you may be required to get an appraisal. IRS requires donors and donee organizations to supply certain information to prove a taxpayer’s right to deduct charitable contributions. If you donate an item (or a group of similar items) of property worth more than $5,000, certain appraisal requirements apply. You must get a “qualified appraisal,” attach an “appraisal summary” to the first tax return on which the deduction is claimed, include other information with the return, and maintain certain records.

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DMJ Adds New Consultant to Lead Strategic Finance and Outsourced Accounting Division

DMJ & Co., PLLC (DMJ), a Top 300 North Carolina CPA and accounting firm, is pleased to announce that Scott Wells, CPA has joined the firm as a consultant to lead DMJ’s Strategic Finance and Outsourced Accounting division, where he will work with industry financial professionals and their owners. As an accounting and business professional, Scott has more than twenty years of experience in guiding management accounting, finance, and processes. He also has significant experience with internal management reporting, compliance, and restructuring through mergers or growth.

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DMJ “Polar Plunges” at the 2018 Triad Chill and Raises $14,000 for Special Olympics

DMJ’s fundraising efforts resulted in $14,000 for Special Olympics and the firm was awarded “Most Money Earned” by a group. With outside temperatures at 75 degrees, the Triad Chill was more balmy than chilly, but the event did raise more than $45,000 for the nearly 40,000 athletes of Special Olympics. Caren Rodriguez, Director of Marketing, and Mike Gillis, Managing Partner, presented Special Olympics with a symbolic check commemorating DMJ’s milestone fundraising total of more than $150,000 since the inaugural Polar Plunge in 2000.

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Tax Considerations for Ride-Share (Uber/Lyft) Drivers

Ride-sharing programs, primarily offered through Uber and Lyft, fall under the burgeoning new economic model known as the “shared economy” which is facilitated by GPS and user-friendly mobile phone application software. Ride-sharing as a transportation model which continues to grow more and more popular. Consequently, there are increasing numbers of ride share drivers who now need to consider the taxability of this income source.

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Observations of the New Tax Law – Taking the Best Advantage

Here are some observations on the new tax law. These are things that clients can do to better comply with or make the most of the new rules. Individuals: 1. “Bunching” Deductions: Under the new higher standard deduction, with more limits on itemized deductions, consider focusing your deductions in every other year. This doesn’t work for every client, but for some who’s new itemized deduction total will be near the standard deduction amount, this can be a good plan. For example, in even years, pay two years of charitables (to the extent you can), pay two years of home property taxes (one in January and one in December, for example), and/or schedule pricey medical or dental procedures. In the odd years, plan on claiming the standard deduction…

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Details of the Final Tax Bill – Business Tax Provisions

This bill is the largest tax bill since the huge Tax Reform Act of 1986, which introduced the passive activity loss and many other fundamental rules. The House and Senate could take up this bill as early as Tuesday 12/19/2017, with the President’s signature as early as later this week. With Senator Corker deciding to vote for this bill after all, and Senator Rubio’s concerns addressed, it now appears clear that the Senate has the votes to pass the conference bill. The House votes were always there. So there is a near 100% chance that this will happen, in this current form…

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Details of the Final Tax Bill – Individual Tax Provisions

This bill is the largest tax bill since the huge Tax Reform Act of 1986, which introduced the passive activity loss and many other fundamental rules. The House and Senate could take up this bill as early as Tuesday 12/19/2017, with the President’s signature as early as later this week. With Senator Corker deciding to vote for this bill after all, and Senator Rubio’s concerns addressed, it now appears clear that the Senate has the votes to pass the conference bill. The House votes were always there. So there is a near 100% chance that this will happen, in this current form…

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