Experts Say Charitable Tax Deduction is Safe from Congress

According to experts from the nonprofit sector, charitable tax deduction laws will likely remain unscathed from Congress in the near future. However lawmakers are still dealing with several charitable tax break issues that expired in 2013 and there is uncertainty on whether such tax breaks for charities will continue to exist.

President Barack Obama has consistently tried to limit the amount of tax savings the rich get for itemized deductions and will likely mention this issue is his upcoming proposed budget. However individual adjustments in tax policy typically don’t stand a chance in getting passed unless they’re grouped together

with other tax items. Experts say creating such a large tax bill likely won’t happen before midterm election in November.

Adding to the difficulty of altering charitable tax deduction policy is the probable change in Congress. Democrat of Montana and chairman of the Senate Finance Committee, Sen. Max Baucus, is soon … Read the rest

TurboTax Raises Millions For The Military

TurboTax Raises Millions For The Military

This year Intuit, the parent company of TurboTax, raised two million dollars through its Mission 2 Match fundraiser. With this program, TurboTax offered people the opportunity to pledge money for Operation Homefront, an organization that provides emergency financial help and other support to military families.

As of April 15, 2013, individual donations amounted to over one million dollars, which Intuit has matched, resulting in a two million dollar gift to Operation Homefront.  This amount is still rising, however, since the Mission 2 Match fundraising continues. Currently donations can still be made at , so the final total may be much greater than the current balance.

This effort to support US troops has resulted in donations of money, food, home repairs, household items, baby supplies, and transitional housing to families of American military members, relieving some of the pressure on US patriots serving … Read the rest