Donating a Car to Charity Cautions Taxpayers
The IRS warns donations rarely yield large charity proceeds. A GAO survey shows cars often sell cheap and funds are split. Verify charity status with IRS Publication 78, obtain receipts, and itemize deductions for fair market value.
MENTIONED IN THIS ARTICLE
IRS
Mark Everson
Capital gains and dividends see lower rates for investors
Taxpayers with capital gains or dividend income face new rates enacted in May lowering capital gains to 15 percent or 5 percent and dividends to the same levels starting January 1 2003. The midyear change creates multiple rates, while not all dividends qualify. Advisors urge organizing 1099 forms and tracking holding periods to qualify for lower rates.
MENTIONED IN THIS ARTICLE
Jackie Perlman
H&r Block
Perlman
IRS
U.S
IRS warns of 2.5 billion unclaimed refunds in 2000
The IRS says more than 2.5 billion in refunds await nearly 2 million filers who did not submit a 2000 return. Taxpayers with earned income below filing thresholds must act by April 15 to claim refunds and possible earned income tax credit. No penalty for late filing if eligible, but postmark by April 15 is required.
MENTIONED IN THIS ARTICLE
Washington
IRS
Mark Everson
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