Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. Most taxpayers have a choice of either taking the standard deduction or itemizing their deductions. The standard deduction may be quicker and easier, but, itemizing deductions may lower taxes more, in some situations. It’s important for all taxpayers to look into which deduction method […]

Increased deduction limit for corporate cash contributions for disaster relief; recordkeeping relief – Must act before February 25 Corporations may qualify for the new 100 percent limit for disaster relief contributions and a temporary waiver of the recordkeeping requirement for corporations. Qualified contributions must be paid by the corporation during the period beginning on January 1, 2020 and ending on February 25, 2021. Back to top Updated FAQs and new […]