Eight Tips for Deducting Charitable Contributions

I have to give the IRS appropriate credit. The IRS has followed through on their pledge to better educate taxpayers on opportunities available under the law. This summary of tips for properly deducting charitable contributions is a part of this effort and a great reminder about how taxpayers can properly claim charitable contributions.

Eight Tips for Deducting Charitable Contributions

Silver unveils plan to up "millionaires tax" threshold to $1 million a year - NYPOST.com

Looks like NYS is getting closer to a real millionaires tax.

Silver unveils plan to up "millionaires tax" threshold to $1 million a year - NYPOST.com

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Wal-Mart Looks To Poach Amazon's California Affiliates - WSJ.com

Actions on the part of many states continue to reach beyond their physical borders to collect sales and use tax. This has led to concepts like "economic nexus" and "click through nexus". The article below details the impact this is having in the market place. Amazon has threaten to end its affiliate program with web sites in California because California is threatening to require Amazon to collect its sales tax.

Walmart being ever opportunistic has jumped in and offered relationships with Amazon's disenfranchised affiliates. Why? Because Walmart is already required to collect California's sales tax due to the fact that it already has stores in California.

Wal-Mart Looks To Poach Amazon's California Affiliates - WSJ.com

Tax Cut for Businesses May Cost States Money - NYTimes.com

Many states compute tax taxable income based on federal taxable income. The link below outlines how federal law changes that allow for accelerated depreciation of assets may impact state tax collections. Accelerated depreciation deductions will reduce state taxable income and therefore reduce state tax collections. All at a time of intense budget pressures as has been seen in Wisconsin.

Never fear for NYS. NYS "decoupled" from these accelerated depreciation rules a number of years ago. Essentially this means that accelerated depreciation deductions allowed for federal purposes are not allowed when computing NYS taxable income.

Tax Cut for Businesses May Cost States Money - NYTimes.com