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November 8, 2009 12:00 am
Tax Strategies for Charitable Giving
If you’re so inclined and can afford to share your wealth, the tax law will reward you. Due to the recession, many charities are reporting that giving is down and your contributions are needed now more than ever.
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Tax Glossary
Estimated tax
Advance payment of current tax liability based either on wage withholdings or installment payments of your estimated tax liability. To avoid penalties, you generally must pay to the IRS either 90% of your final tax liability, or either 100% or 110% of the prior year’s tax liability, depending on your adjusted gross income.
