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Are Charity Auction Purchases Deductible Contributions?

It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The question often arises whether the money spent on the items purchased constitutes a charitable donation.

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Get Credit for Generating Your Own Home Power
Through 2016, taxpayers can get a tax credit on their federal tax return equal to 30% of the costs for installing certain power-generating systems on their homes. The credit is non-refundable, which means it can only be used to offset a taxpayer’s current tax liability, but any excess can be carried forward to offset tax through 2016.

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Back-to-School Tax Tips for Students and Parents
Going to college, and figuring out how to pay for it, can be stressful for students and parents. In recent years, Congress has provided a variety of tax incentives to help defray the cost of education. Some require long-term planning to become beneficial, while others provide current tax deductions or credits. The benefits may even cover vocational schools.

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Partnership, S-Corp and Trust Extensions End September 15
If you have a calendar year 2014 partnership, S-corporation, or trust return on extension, don’t forget the extension for filing those returns ends on September 15, 2015.

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Avoiding IRS Underpayment Penalties
Congress considers our tax system as a "pay-as-you-go" system.  To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the "pay-as-you-go" requirement.

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