Good Reads: Interesting Tax Posts This Week

I’m reading my favorite tax blogs and found several posts worth sharing:

• Ask the taxgirl: Girl Scout cookies – In the case of the Girl Scouts, Girl Scouts of the USA is a nonprofit 501(c)(3) organization. The “Cookies from Home” program allows you to pay for the cost of a box of cookies and instead of taking the cookies home and eating them …

Speaking of charitable donations, don’t forget that you must have receipts for all donations in order to deduct them.  This is trickier for non-cash donations, such as clothing given to Goodwill or the Council of the Blind.  Here’s a valuation-guide you can use to help you assign values to your non-cash donations.

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Bunch Deductions to Get the Most Out of Itemizing

Tax laws are at times nothing if not infuriating.  Indeed, with
phaseouts and sunsets coming and going, taxpayers may find it difficult
planning from one year to the next.

Case in point: In 2006 and 2007, the overall limitation on itemized
deductions that reduces the value of certain itemized deductions
claimed by upper-income individuals is scheduled to be phased out.

In effect, higher income individuals will have a small tax rate
reduction, according to PricewaterhouseCoopers 2007 Guide to Tax and
Financial Planning.

By way of history, the tax law limits the amount of certain itemized
deductions that individuals can use to reduce their taxable income.
For instance, miscellaneous deductions are limited to those in excess
of 2 percent of Adjusted Gross Income or AGI.

Continue Reading Bunch Deductions to Get the Most Out of Itemizing