Learn About Tax Credits For Farmers Who Donate Agricultural Products To Eligible Community Food Programs In Ontario
An eligible person that donates agricultural products to eligible community food programs in Ontario, including food banks, may be able to claim a tax credit, in addition to the charitable donation tax credit.
The Local Food Act, 2013 introduced a new non-refundable income tax credit for farmers who donate agricultural products to eligible community food programs in Ontario, including food banks. The credit is worth 25 per cent of the fair market value of the agricultural products donated and can be claimed for donations made on or after January 1, 2014.
You Can Receive Free Tax Preparation Assistance Even If You Itemize The Following Deductions:
- Medical and dental expenses
- you have additional deductions, forms or schedules other than those mentioned above or listed in the section What You Need to Have Your Taxes Prepared including large Schedule D or Schedule E .
Visit www.FoodBankNYC.org/taxhelp, www.Ariva.org or www1.nyc.gov/site/dca/consumers/file-your-taxes.page for details.
The Tax Clinic Is Currently Closed
Tax Clinic Runs March 1 – May 15, 2022 Walk-in appointments are unavailable!
If you have concerns with your phone, internet connection, or other accessibility barriers, please reach out to us and we can help accommodate your needs.
Who is eligible to get their taxes filed with this program?
Maximum income levels to qualify to have your taxes done:
Single person up to $35,000
Couple married or common-law up to $45,000
One adult with one child up to $37,500
Each additional dependent $2,500
If you are currently unemployed and on EI – regardless of previous income we can file your taxes for you. If you are a new Canadian within the income limits we can file your taxes. If you are married or common law, we MUST file taxes forBOTH of you at the same time.
We cannot file for you on behalf of another person without a legal Power of Attorney .
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Why Can’t I Receive A Tax Credit For Products I Make On My Farm To What Extent Can I Process The Food I Am Donating
The community food program donation tax credit for farmers is available for donations of certain agricultural products to community food programs.
To qualify for the credit a donated agricultural product can only be processed to the extent necessary so that, in Ontario, it could legally be sold, distributed or offered for sale at a place other than the premises of the producer of the item as food or drink intended for human consumption. As a result, some items that are produced on farm may not qualify for the credit.
Food Bank For Nyc Offering Free Tax Assistance For Low
BED-STUY/DOWNTOWN/SUNSET PARK Tax Day is Monday, April 15. If you havent filed your taxes yetand need help doing soFood Bank For New York City has set up tax assistance sites across the five boroughs offering free tax preparation service to low-income New Yorkers.
Professional tax preparers staff the Volunteer Income Tax Assistance sites, assisting eligible New Yorkers in completing their tax returns and helping them receive their full tax credits and refunds.
Bilingual tax assistance is available at the sites for non-English speakers and staff will help immigrants without social security numbers obtain Individual Taxpayer Identification Numbers so they can file.
Who Is Eligible For Free Tax Preparation Assistance?Individuals who earned $30,000 or less with no dependentsFamilies that earned $54,000 or less with dependents
All eligible participants who would like onsite assistance must schedule an appointment by phone 646.981.6111 or online at foodbanknyc.org/taxhelp.
Below is a Tax Preparation Document Checklist. Participants must bring these items with them to their appointments:
The Volunteer Income Tax Assistance sites will be open through Monday, April 15. See below for the locations and hours of the three sites in Brooklyn.
Volunteer Income Tax Assistance Sites In Brooklyn:
Bedford-Stuyvesant Restoration Corporation, 1360 Fulton Street, Bed-StuyMonday Thursday: 5:30pm to 9:30pmSaturday and Sunday: 10am to 5pm
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Can I Claim Donations Made To Animal Charities
Yes, you can. Did you know that the average cost for spay-neuter a cat or a dog in Canada is over $200 per surgery? Because many animal shelters operate purely on donations, every dollar helps. If youve donated to the Society for the Prevention of Cruelty to Animals or other any other charity, here are some tips for claiming your donation at tax time.
Where Can Businesses Get Food And Beverages And Claim 100%
Under the temporary provision, restaurants include businesses that prepare and sell food or beverages to retail customers for immediate on-premises and/or off-premises consumption. However, restaurants do not include businesses that primarily sell pre-packaged goods not for immediate consumption, such as grocery stores and convenience stores.
Additionally, an employer may not treat certain employer-operated eating facilities as restaurants, even if these facilities are operated by a third party under contract with the employer.
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What Is A Simple Return
Simple tax returns covered my MyFreeTaxes include: W-2 Income, Limited Income interest, dividend income, student education expenses, unemployment income, student education credits, student loan interest, claiming the standard deduction, Earned Income Tax Credits, Child Tax Credit, and Child and dependent care expenses. A full list of forms included can be found here: MyFreeTaxes.com/Support
How Should Community Food Programs Determine What The Donated Products Are Worth
Eligible community food programs should use the fair market value of the property donated. The fair market value is usually the highest dollar value you can get for that property in an open and unrestricted wholesale or retail market, as applicable, between a willing buyer and a willing seller who are acting independently of each other. The value should be based on the quantity and quality of the property and will have to be determined in each particular case.
Generally, if the fair market value of the property is less than $1,000, a member of the registered charity, or another individual, with sufficient knowledge of the donated property may determine its value.
The person who determines the fair market value of the item should be competent and qualified to evaluate the particular property being donated.
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Food Bank For New York City
If your 2021 household income was below $60,000 , our partner Food Bank For New York City is offering free tax preparation events. In-person and drop-off tax preparation services are available at sites throughout the five boroughs, and you can also take advantage of online tax preparation services from the comfort of your home.
Online Tax Preparation Services
River of Life Foundation is an IRS-certified Volunteer Income Tax Assistance center that offers free tax filing service to people who make annual income $58,000 or less, persons with disabilities and limited English speaking taxpayers who need assistance in preparing their own tax returns.
Our approach is unique because we understand that our communitys most critical issues are inter-related. We want to make a positive impact, helping thousands of local residents become financially stable and self-sufficient.
2022 UPDATE – ONLINE, NO WALK-IN!
Due to the pandemic, our entire VITA program will be conducted in an online, remote format this year. If your annual household income is less than $58,000, and you need assistance with your taxes, you can receive free online help during this tax season. Registration is from January 23, 2022 to the end of March, 2022. Please call 408-567-0877 to schedule an appointment.
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Calculating The Tax Credit
For individuals or sole proprietorships, the amount of the tax credit depends on how much you give and is calculated as:
- 25 per cent of the value of the qualifying donations. You must also claim the qualifying donations under the charitable donations tax credit in the same year.
For corporations, the tax credit is equal to 25 per cent of the corporation’s qualifying donations for the tax years ending after December 31, 2013, that the corporation claimed on Schedule 2, Charitable Donations and Gifts.
What Kind Of Returns Can Be Prepared By Free Tax Help
Free Tax Help can handle most returns, including self-employment and for international students. However, some returns are considered out-of-scope, per IRS regulations. Returns with the following cannot be prepared at Free Tax Help sites.
- Income/loss from rental property
- Affordable Care Act: Parts IV and V of Form 8962
- The following types of business returns:
- Business expenses in excess of $25,000
- Business showing a net loss
- Employee taxes
- Business use of home expenses
- Prior year disallowed passive activity loss
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Am I Required To File A Tax Return
You are required to file a tax return if you receive more than 410 euros in wage replacement benefits within a calendar year. These benefits can include:
- Short-term work benefits
- Parental and maternity allowance
- Compensation for wage loss under the Infection Protection Act
Although these benefits are tax-free, they are subject to the Progressionsvorbehalt which can increase your tax rate under certain circumstances. Therefore, it is important to include as many deductible expenses as possible in your tax return. Our guide will provide you with detailed information.
Have you earned additional income of more than 410 euros without deducting income tax?Are you married and are assessed in income tax classes 3/5 or 4 with a factor?Then you are obliged to submit a tax return.You can find a list of all things that require you to file a tax return here.
How Do I Protect Myself From Fraud
Unfortunately, scams can be common during tax seasonbut preparing yourself to recognize them and take certain steps can reduce your risk. The website WalletHub compiled a helpful list of tips, starting with the two they deem most important: 1) File as early as possible every year, even if you dont expect to owe any taxes or receive a refund and 2) Take commonsense steps to safeguard your personal information, such as signing up for free 24/7 credit monitoring.
Read on for their other tips, such as ordering your tax transcript and improving your ability to recognize webpages that may not be secure or safe: Tax Scams & Tips for Avoiding Them.
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Charitable Deduction Options To Reduce Your Tax Bill In 2021
If using charitable deductions to minimize your tax liabilities is one of your tax strategies for 2021, youre running out of time to max out contributions. Youll want to make wise choices to get the most bank for your buck with your donations, advises The Wall Street Journal. There are several changes to tax laws that provide extra deductions for charitable giving as a result of the pandemic.
Understanding these changes, while reviewing older laws that are still in effect, can help you minimize your tax bill or maximize your refund.
How Is Free Tax Help Different From A Paid Preparer
There are many ways that Free Tax Help differs from a paid preparer. We invite you to come in person and see the difference for yourself!
- We save the average taxpayer an average of $250
- All our volunteers are IRS certified
- Every completed tax return undergoes an extensive review process to ensure quality and accuracy
- We will never offer predatory lending option such as rapid refunds
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Tax Return : Tips & Tricks
In December 2020 we bid 2020’s income tax law farewell. That means that there are several changes for the 2021 tax year – including tax relief for you! If you’re well informed, you can get a large tax refund and save tons in taxes. In this article, we’ll summarize the important changes to the 2021 tax year.
Ira Holders Can Make Qualified Charitable Distributions Up To $100000
Investors who are over 70 ½ years old and hold traditional IRAs can minimize their tax liability on IRA withdrawals by donating up to $100,000 of account assets directly to IRS-qualified charities of their choice. The qualified charitable distribution , as its called, isnt tax deductible, according to the IRS website. But the withdrawal can reduce income taxes and income-based Medicare premiums, since the withdrawal doesnt qualify as income to the account holder. For account holders age 72 or older, the donations can count toward the IRAs required annual payout.
Tax Brackets 2022: How Much Will You Pay Based on Latest IRS Inflation Adjustments?
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Donations From Previous Years
Since the CDTC is greater for donations higher than $200, it may be worthwhile to accumulate donations and claim them all together in the same year. There are two ways to accumulate donations: you can combine them with your spouse`s on a single tax return or you can claim donations from multiple years together in the same year. Donations can be carried forward for up to five years.
If you need to know if you have claimed donations in previous years, you can find out using the CRAs My Account online service. Once you log into your account, click on the tax returns tab at the top of the page. From there, you can view your tax returns from previous years. Look at line 349 on your previous T1 General tax return prior to 2019 or line 34900 of your Income Tax and Benefit returns of 2019 and onward to determine whether you have claimed donations for each of the past five years.
What Are Other Free Resources That Are Available For Me
You can explore a few different options:
- Free Virtual Tax Prep with our Tax Experts: Have your taxes prepared virtually by our Free Tax Preparation expert team. Scroll down this page to see more information on the org option.
- Online filing: you can find additional free filing tools via IRS Free File programs. Visit gov/FreeFile for more information and details.
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Tax Benefits Of Charitable Donations
Canada has a generous tax credit system for donors to charities. Whether its helping out the food bank, volunteering at a shelter, or participating in a walkathon, we Canadians are a generous bunch. Along with the terrific feeling of knowing youve made a difference, your donation can also yield a tax break. If youve been meaning to donate to your favorite charity, nows a great time to start.
The Charitable Donations Tax Credit can be up to 33 percent of the amount you donated at the federal level. You may also be entitled to an additional amount reaching up to 24 percent of your donation depending on your province of residence. There are several rules that determine whether you qualify.
Food Bank For New York City Opens Free Tax Assistance Sites To Help Low Income New Yorkers File Tax Returns
With the tax-filing deadline on the horizon, Food Bank For New York City opened tax assistance sites across the five boroughs to provide low-income New Yorkers with free, full-service tax preparation. The sites opened on January 29th, 2018, and will remain until April 17th, 2018,. Virtual drop-off sites are also available from January 29th, 2018 through April 12th, 2018.
The program offers eligible individuals and families the chance to access their full tax credits and refunds, which provide an important boost for many without the added burden of paying for preparation services. This includes the Earned Income Tax Credit , which alone can be worth up to $8,463 for families.
These free Volunteer Income Tax Assistance sites are run by trained professional tax preparers, who complete the full tax return during visits. Centers also offer bilingual tax assistance for non-English speakers, including immigrants without a Social Security Number. In these cases, staff will help them secure an ITN so they can pay their taxes.
Families that earned $54,000 or less with dependents, and individuals who earned $30,000 or less with no dependents are eligible to receive the services. All eligible participants must schedule an appointment by either calling the center or visiting http://www. foodbanknyc.org/taxhelp/. A full list of items visitors need to bring for appointments is below.
Tax Preparation Document Checklist:
To learn more about how you can help, please visit foodbanknyc.org
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Avoid Capital Gains Tax By Donating Appreciated Stock And Crypto
If youre considering selling stocks to make year-end charitable donations, think again. You can reap greater rewards by donating the stock itself as a charitable contribution. Under the new law, you can donate appreciated stocks or cryptocurrency that youve held longer than a year directly to an organization. Youll avoid capital gains tax and be able deduct the full amount of the donation. The organization can opt to sell the stock for immediate cash.
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What Are The Limitations To The Service
United Way is an equal opportunity provider and anyone in Washington State can access United Ways Free Tax Preparation services. However, some returns are too complex for our volunteers. For example, we cannot prepare returns for income earned in other states.
We have partnered with Express Credit Union to process returns with ITINs and will offer free ITIN applications and renewals through Express Credit Union.
Here are services we do NOT provide:
- State returns .
- If you have a 1099-B .
- If you sold your home or if it went into foreclosure.
- If you received rental income.
- If you are self-employed and had expenses above $25,000, had a net loss, or want to deduct the use of your home as a business expense.
- If you are a registered domestic partnership.
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