G.I. Tax Blog

It’s Christmas, the season of giving, and that means you may be making your yearly donation to your favorite charity. Giving to charity is a great way to give back to your community and a wonderful way to make a difference for organizations you care about. But, did you know that your yearly contribution may actually be cause for a tax deduction come tax season? Here are some rules the IRS has pertaining to charitable contributions.

Back in 1989 the famous case of Leona Helmsley played out. Wife of one of the world’s wealthiest real estate moguls was sent to prison for four years for tax evasion and fraud. She also had to complete 750 hours of community service and pay New York a $7.1 Million in a tax fraud fine. If you thought you may be able to get away with tax fraud, let the “Queen of Mean” be a reminder to you.

When most people hear taxes, they groan. In fact, when used as an adjective it means physically or mentally demanding. However, at GI Tax we love taxes and think that it’s important for people to understand why they pay them, if not enjoy the whole process. In an attempt to lighten the mood around taxes, here are some fun facts about taxes.