In 2007, President George Bush signed into law the Public Student Loan Forgiveness Program. This program allows people working in certain industries to have their student loans forgiven, tax-free, after 10 years. Usually people believe this program only applies to governmental employees. However, the law allows for employees of a 501(c)(3) not-for-profit to also qualify for student loan forgiveness. This is a great way to attract employees who may otherwise require a larger salary and a great way to keep employees at your not-for-profit.
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money.
Fortunately, there is a way to begin collecting your 2017 refund now: You can review the amounts you’re having withheld and/or what estimated tax payments you’re making, and adjust them to keep more money in your pocket during the year.
President Trump signed the Promoting Free Speech and Religious Liberty Executive Order on May 4, 2017. This Executive Order requests that the Treasury and IRS no longer enforce the Johnson Amendment, which does not allow 501(c)(3) tax exempt organizations to engage in certain types of political activities.
For tax year 2014, there were 43,965,083 individual tax returns filed that itemized deductions on Schedule A. The total amount of itemized deductions in 2014 were $1,206,705,085. Deductions relating to charitable cash contributions were $155,455,063 and other than cash contributions were $65,330,485.
On Tuesday, Congress passed the Tax Increase Prevention Act, also known as the tax extenders. The President is expected to sign the Act in the next couple of days. The Act extends several key tax breaks to tax year 2014 for individuals and businesses that were available in 2013.
The Act also creates a new tax-free savings account for persons with disabilities to manage costs of medical, housing, transportation and education expenses. These accounts also help people who are on Medicaid and SSI to save more money without interfering with any of their benefits.
Some of the major tax breaks included in the Act include:
Energy Tax Credits
Topics: Tax Updates