Tag Archives: accounting

Recordkeeping for Charitable Contributions

Charitable donations You must keep records to prove the amount of any cash and non-cash contributions you make during the year. Which records you must keep depends on the amount you contribute and whether they are cash or property contributions. New record keeping requirements were established for all contributions made after January 1, 2007. You cannot deduct a cash contribution, regardless of the amount, unless you keep as a record of the contribution, bank records (such as a cancelled check or bank statement containing the name of the charity, date and the amount) or a written communication from the charity.

This article discusses which records you must keep.

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Is your Gift Taxable?

Taxes due for gifts

If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable.

1. Most gifts are not subject to the gift tax. For example, there is usually no tax if you make a gift to your spouse or to a charity. If you make a gift to someone else, the gift tax usually does not apply until the value of the gifts you give that person exceeds the annual exclusion for the year. For 2015, the annual exclusion is $14,000 (same as 2014). Continue reading

Are Americans Growing More Optimistic About Retiring?

Retirement fundToday’s blog post for Lahrmer and Company, LLC is provided by one of our new additions to our office space:Todd Pouliot at Gateway Financial. ┬áRetirement comes up often in tax planning and accounting, and we thought you would appreciate the insight.

Pragmatism seems to be replacing pessimism, at least.

Is it okay to retire today? Many baby boomers shelved notions of retiring during the past few years. Layoffs, the decline in home values, the crushing bear market of 2007-09 – those memories were just too fresh, and their economic effects were still being felt by many households.

In 2015, boomers seem a bit less hesitant to begin their “third acts.” In this year’s CareerBuilder retirement survey, 53% of workers older than 60 indicated they are postponing their retirements. That may not seem a statistic worth celebrating, but five years ago 66% of respondents to the survey said they were putting off leaving work.

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