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December 2022

Photo of woman with Santa Claus hat looking at laptop with man behind her illustrates blog: "Charitable Donations and Taxes: What You Need To Know"

Charitable Donations and Taxes: What You Need To Know

Christmas is a time of giving, so chances are good that you are considering making a donation to lighten up someone’s Christmas. If that’s the case, read on to discover some useful tax tips to keep in mind this holiday season.

Charitable Donations and Taxes: What You Need To Know

First things first: remember that in order to claim a deduction on your 2022 tax return, you must donate to a tax-exempt organization by December 31 2022.

Another important point to consider is that, in general, you can only deduct charitable contributions if you itemize deductions on schedule A (although an exception was made for 2021 returns).

While most charitable tax donations qualify for the deduction, there are some exceptions. For example, donations that are not tax deductible include those:

  • Made to a supporting organization
  • Intended to help establish or maintain a donor advised fund
  • Carried forward from prior years
  • Made to most private foundations
  • Made to charitable remainder trusts

A charity must have something known as 501(c)3 status if you want to deduct your donation on your federal tax return. You can check an organization’s 501(c)3 status by using the IRS’ Tax Exempt Organization Search tool.

For most people, making a donation means donating funds. However, If you donate property other than cash, you may generally deduct the fair market value of the property.

It’s also worth noting that the term “cash” doesn’t refer to physical money only. For tax purposes, cash contributions include those made by check, credit card or debit card as well as unreimbursed out-of-pocket expenses in connection with volunteer services to a qualifying charitable organization.

If you need help making sense of charitable donations and how to claim them on your tax return, feel free to contact our experts. We’ll be happy to offer assistance and answer all your questions.

Have Tax Questions? At JT Tax Services, We’ve Got Answers

At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California, contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

Closeup of laptop displaying image of magnifying glass illustrates blog: "FBI Warns About New Strategy Used by Cybercriminals"

FBI Warns About New Strategy Used by Cybercriminals

More and more people are turning to the internet to seek tax advice or even make tax-related payments. However, the FBI is recommending users to stay cautious when they search for information online, as they may become the unsuspecting victims of cybercriminals.

FBI Warns About New Strategy Used by Cybercriminals

The internet is a vast place, and the most efficient way to make sense of it is by using a search engine. However, cybercriminals are aware of this fact and have found a way to lure unsuspecting victims using the advertising features of search engines.

According to a public service announcement released by the FBI, cybercriminals are using search engine advertisement services to impersonate brands and direct users to malicious sites that may steal their personal information.

As the name suggests, search engine advertising is a type of marketing that appears when a user looks for information on a search engine. While the vast majority of information displayed on search engines is legitimate and useful, criminals are paying for ads that appear alongside other results with the purpose of misleading users. 

How To Protect Yourself

As the FBI points out, search engines “are not malicious in nature.” However, you should exercise caution when using them. Here are some tips to keep you safe:

  • If you know the internet address of the website you want to visit, use it instead of looking up the name of the company or institution on a search engine (a strategy some people use to save time)
  • Before clicking on a search engine result, check the address carefully for words misspelled with malicious intent (for example “yourbnak.com” instead of “yourbank.com”)
  • Use an ad blocking extension when performing internet searches. An ad blocking extension is a small piece of software that prevents ads from appearing on your browser. In most cases you can customize which websites are allowed to display ads. 

Have Tax Questions? At JT Tax Services, We’ve Got Answers

At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California, contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

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