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Tax Benefits that Anyone Can Claim
By SiliconIndia |
Tuesday, February 7, 2012
| 3 Comments
Bangalore: Does tax forms seem complicated to you? Don't let the complexity take a toll on you and scare you away from the tax credits that are legal to claim. Tax credits and deductions are not only meant for big companies and finance persons. Listed are some tax breaks that can take you by surprise in form of both tax credit and deduction that can be applied to your tax return.
Charitable Donations
Donations to charity are tax deductible expenses. These donations can cut down your taxable income and lower your tax bill. If you have made a donation using your credit card, you can claim that donation. Whereas donation made in terms of material goods or services can also be claimed if you have the receipt with you. Your contribution of cash or property must gather certain criteria in order to be tax-deductible. You can claim this value as a charitable deduction. Your tax deduction needs to be itemized in order to claim any charity. You claim your tax deduction on Form 1040, Schedule A. Giving to charity is a great tax planning approach, but it only works for people who are entitled to itemize their deductions.
Donations to charity are tax deductible expenses. These donations can cut down your taxable income and lower your tax bill. If you have made a donation using your credit card, you can claim that donation. Whereas donation made in terms of material goods or services can also be claimed if you have the receipt with you. Your contribution of cash or property must gather certain criteria in order to be tax-deductible. You can claim this value as a charitable deduction. Your tax deduction needs to be itemized in order to claim any charity. You claim your tax deduction on Form 1040, Schedule A. Giving to charity is a great tax planning approach, but it only works for people who are entitled to itemize their deductions.
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Reader's comments(3)
1:
Are these tax benefits for indians or US citizens? mentioning amount in dollors. I'm not sure whether Energy efficient installations will give tax benefit. Can you give us source of information as well?
Posted by:JPreddy
- 07 Feb, 2012
3:
These tax benefits are for US residents only. They are not available in India. The article seems to be for information purposes only.
Venkatram Replied to: Richa
- 08 Feb, 2012
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