Tax Tips for Political Contributions

Part of the Video Series Tips for Filing Taxes

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Donating to a political campaign this year? Get tips for understanding political contribution tax rules in this free video clip about business tax deductions.

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Tax Tips for Political Contributions
Hi, I'm Tom Choisnet, enrolled agent, and this discussion is on excess F.I.C.A., commonly known as FICA. This is an easy one to overlook now, now that the limit is up about $97,500.00. Remember that if you work for more than one employer and the total withholding you have paid in exceeds the limit for which Social Security can be taken out. The difference is refunded to you or credited against any other taxes you might owe. So, take a good look at that and make sure you add them up. An income of a hundred thousand is going to yield an overpayment, so take a close look at that, and I thank you for looking at this tape. I'm Tom Choisnet, enrolled agent, and there are a number of other clips that might interest you. Thank you!

About the Expert

Expert: Tom Choisnet has been in self-employed tax practice for over 40 years, and he has been an enrolled agent since 1968. He has prepared over 35000 tax returns. Read More