Dr. Harold Wong In 2022 the U.S. inflation rate hit the highest since 1981. According to U.S. Labor Department data, the annual inflation rate was 7.1% for the 12 months ending in November, 2022. Some reports indicate that 60-70% of American families are living paycheck to paycheck. Before the November 2022 election, surveys showed that…
Tag Archive for Dollars & Sense
Features, February 2021
Dollars & Sense: DBK Bookkeeping and Tax – A Few 2020 Tax Updates
Peggy LaShier 2020 Charitable Contributions Previously, charitable contributions could only be deducted if taxpayers itemized their deductions. However, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For the purposes of this deduction, qualifying organizations are those that are religious, charitable,…