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May 1, 2024
By
The Admiral Staff
College donations in the U.S. totaled $58 billion in 2023, with most contributions coming from organizations, while individual donations decreased. While alumni giving rates vary, some institutions like Wellesley College see nearly 50% of alumni donate. Donations are tax-deductible, but limitations apply based on adjusted gross income, though some states offer tax credits. Strategies for maximizing tax benefits include timing donations and always requesting a tax receipt. Donors can also carry forward unused deductions
February 6, 2024
By
The Admiral Staff
The rise of gig work is changing the employment landscape, with over 10% of the U.S. population now self-employed. Gig workers are responsible for paying self-employment taxes (up to 15.3% on income up to $168,600 in 2024) and can significantly reduce their tax burden by utilizing deductions. Key strategies include meticulously tracking income and expenses throughout the year using tools like spreadsheets or apps, and understanding deductions for
October 4, 2023
By
The Admiral Staff
Taxpayers can legally reduce their taxable income through deductions, which differ from tax credits. Deductions are expenses subtracted from taxable income, lowering the amount of taxes owed, while credits directly reduce the amount owed. Common deductions include charitable contributions, home office expenses, retirement account payments, student loan interest, and even expenses related to work like travel or vehicle use. Taxpayers can choose to itemize deductions or take a standard deduction, though itemizing may result in a larger return.
