Archive for Taxes

Donate Your Car to Heritage for the Blind, Reap Major Benefits

If you are having problems selling an old car, then why not consider just donating it to charity? Donating your car will end your problems with selling it. You do not have to advertise, look for buyers, interview prospective buyers, or do a lot of paperwork. You probably do not have any idea how to get rid of an old car aside from selling it, so here is why donating a car to charity is a good option.

First, car donation to charity can help those in need. Not all car donation services are associated with charitable institutions. Some are just middlemen. So be sure you’re dealing directly with a real charity. Once you donate a car, it will be processed in one of two ways. It may be sold at auction, and the proceeds used to benefit charitable institutions, or it might be used by charitable institutions in their own operations. Vehicle donation to charity is truly a great help those who desperately need assistance. Read more

Taxpayer Basis Confusion Clarified by EA Continuing Education

Common situations that cause trouble for income tax professionals involve capital gain calculations. The difficulty rests with obtaining complete information from the taxpayers. Selling any investment or business property mandates determination of the capital gain or loss. In fact, selling any personal asset for a gain is taxable.

Since a capital gain is the difference between sales price and basis, IRS jobs of assessing the capital gain tax require details to determine basis. Unfortunately, taxpayer confusion about basis causes considerable complications. This is especially true for assets acquired in ways other than purchase. In order to unwind the historical elements that reveal basis, the expertise of an IRS enrolled agent is particularly beneficial. Read more