Taxpayers can claim charitable contributions whether the donation is cash, merchandise, and services that includes charity ball, banquet, theatrical performance, or sporting event.
Tax credits directly reduce a person’s tax liability and hence have the same value for all taxpayers with tax liability at least equal to the credit. Tax deductions reduce taxable income.
The tax filing period is coming up and it’s time to look back over the year 2014. With an eye toward maximizing deductions and tax credits, here are 3 tips which will help reduce your tax bill. 1. Make charitable contributions (In Cash or non-cash) ...