The IRS Deductions Blog

Archive for August, 2009

Question: Non-Profit organizations and Tax Deductions?

Ok, my wife works for a 501-c non-profit organization. What they do is, they run a home improvement business (window replacements, siding etc) and with the profits of their work they feed the homeless, elderly and help the poor pay utility bills.

Answer: NO.

The customer can only deduct the amount over tha value of goods and/or service received.

Let say the job would normally be $4500 anywhere else. The customer could deduct $500. My guess they are charging competitive pricing and there isn’t and excess the customer are “donating”.

I am really surprised that type of business obtained a 501 C status. It really is a business with the “profits” donated, which is a tax deduction.

Items on Amazon Right Now for Tax Deduction Window Replacement:

Window woes?

Windows do more than let the sunshine in. They add drama to a room and value to a home.

You’ve made omelettes, egg salad, scrambled eggs, quiche, even your own mayonnaise!  You’ve sold eggs, given excess eggs to family and neighbors…and still, you have an abundance of eggs!  The refrigerator shelves are filling up and there isn’t room for much of anything else…what’s a backyard poultry raiser to do?  And, hey, what about winter? Today the refrigerator is teeming with eggs, but will you have a supply of farm fresh eggs to sustain you through the winter months?  I believe I have the perfect solution to your dilemma!  You CAN store farm fresh eggs without refrigeration up to 6 months and more! I know, because I have done it with excellent results!

But first, let me regress just for a minute.  If you are fortunate to be raising your own chickens and benefitting from their delicious eggs and have plenty of refrigerator space, great!  Eggs will store in the refrigerator for many months.  Or, if you are a breeder who “provides” artificial light during the shorter winter days so your chickens will continue to lay, fine.  Personally, I have heard that chickens who lay all year round “burn out” quicker than those who are given a nice winter’s rest.  And, due to the fact my family has limited solar power, we opt not to provide artificial light for our chickens during the winter months.  Which, for my family was a dilemma since we really craved our own organic eggs during the winter.  I say, “was a dilemma” until I came across an “old time” system of preserving eggs without refrigeration.  This system requires the use of something called “water glass”. Water glass is a simple name for sodium silicate which is basically liquid glass.  By diluting water glass with water and submersing your eggs into the solution, the water glass apparently seals the pores of the eggshell thus preventing oxygen to penetrate the egg.  With oxygen unable to penetrate the egg, the egg is thus preserved…all without refrigeration!

I have used water glass for the past 2 years, and I am very pleased with the results!  The eggs hold up very well for the first 4 months.  Once the eggs hit the 4-5 month mark, I am careful to crack each egg individually and “smell”.  If the egg gives off a sulfur smell, it is tossed.  As time goes on, the whites of the eggs will get rather runny, but these eggs are still great tasting and perfect for scrambled eggs and cooking. This past year, we had our own egg supply throughout the winter and I only had to toss less than a dozen eggs!  The trade-off was certainly worthwhile!

Here are a few steps I have gathered along the way to help you successfully preserve eggs without refrigeration:

1.  When using water glass, use the freshest eggs on hand.  Collect your eggs often so they do not get dirty and soiled!  DO NOT WASH the eggs before putting them in the water glass solution!  When laying, the hens provide a natural film of their own on the egg.  If you wash the egg, you remove the film.  If the egg is dirty, gently brush off the dirt or “poop”.

2.  To dilute your water glass, use 11 parts water to 1 part water glass.  It is recommended that you boil the water first, then let it cool, then add the water glass.  I don’t know why…and I think I forgot that part last year, but it didn’t seem to affect the results adversely.

3.  It is recommended you use a earthenware crock to store your eggs.  I have used a crock and a 5 gallon bucket…both worked fine.

4.  Leave at least 2 inches of liquid above your eggs so you ensure they are completely submerged.

5.  Enjoy your own home grown eggs throughout the winter months!  Save money and eat healthy!

I hope you have enjoyed this bit of information.  If you would like to find out the best place to obtain water glass (and trust me, I looked high and low), please follow the links below.   

Items on Amazon Right Now for State Farm Glass Deductible:

Ambassador of hope

Spotting a rough blazing star amid countless other native flora in a great prairie, Mary Kay Baum abandons the path and makes her way to it. It’s a warm September day. The ordained Lutheran pastor and longtime social justice advocate wears a broad-brimmed hat and long-sleeved denim shirt to ward off the sun. The cuffs of her pants are tucked into her socks to keep out ticks. One hand clutches an …

Question: which of the following is not deductiable as an “actual car expense” by a taxpayer who use that method to?

figure the deductible cost of operating his car for business purposes?
A. gas
B. depreciation
C. Parking fines
D. lease fees

Answer: C. you can’t deduct fines for wrongdoing. ever.

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Every Landlord’s Tax Deduction Guide (2nd Edition) $34.99 This bestseller is the only book on tax deductions specifically for residential landlords! If you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord’s Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes — without the services of a high-priced accounting firm. This book explains how to ma…

The Adventures of Jimmy Neutron Boy Genius Attack of the Twonkies $24.99 TaxCut Home & Business is two complete programs in one, and it includes everything you need to complete and e-file your personal and business federal and state taxes. You also get guidance for corporate, partnership, and payroll business returns, as well as personal tax forms from 1040EZ to Schedule C. A step-by-step interview guides you through a customized process, and the product includes Worry…

Removal costs held deductible.(depreciable assets): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on July 1, 2000. The length of the article is 768 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: …

4 Overlooked Small Business Tax Deductions

At the beginning of every New Year, it is once again time to start organizing records for your tax filing.

MeltDown #363 EMERGENCY ECONOMIC STABILIZATION

Its good news for those who are looking for a second mortgage refinance, as this is probably the best opportunity for you. You can refinance and choose a fixed rate 2nd mortgage, variable equity line of credit or a 30-year fixed rate mortgage. This is a very good time to go in for a mortgage refinance as the interest rates on second mortgages are on an all time low! There is still time to lock in a great home mortgage refinance rates that can potentially save you hundreds or thousands of dollars. With the low interest rates and reduced monthly payment, you will finally have the opportunity to use the money you save to make your financial dreams come true.

By getting a second mortgage loan gives you the freedom to change your adjustable rate mortgage into a fixed rate equity loan with fixed mortgage terms. When you refinance, it can save you thousands of dollars a year in interest if you choose to refinance and get cash out with a FHA mortgage that lets you to borrow up to 95% of loan to value. Make sure that you don’t miss this golden opportunity as interest rates could shoot up any time. Out of the extra cash that you save with a cash out refinance you can go in for consolidating all your credit card debt or make home improvements in order to add more beauty and value to your home. A Refinance Second Mortgage could prove to be your ultimate home financing solution which can help release all your financial tensions. Following are some essential points through which a 2nd mortgage refinance can assist your financial conditions:

So, make a wise decision and go in for a refinance to lead an anxiety free life. There are also options like bad credit mortgage refinance if you have imperfect credit or a mortgage loan modification if you are looking to modify the terms of your loan, just make sure that you don’t take too long as interest rates might start shooting up any time soon.

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Consequences of changing the tax deductibility of property taxes and mortgage interest deductions on owner occupied houses ([National Housing Policy Review study papers]) …

Limits on home mortgage interest deduction (SuDoc T 22.44/2:936/) …

Even money: a friendly critique of the flat tax. (includes related article on the mortgage interest deduction): An article from: Policy Review $5.95 This digital document is an article from Policy Review, published by Hoover Institution Press on June 22, 1995. The length of the article is 5521 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: The fla…

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

Many homeowners find equity lines cut dramatically

Hocking the house for quick cash is a lot harder than it used to be, and it’s causing headaches for homeowners, banks and the economy.

Home Mortgage Interest Income Tax Deduction 2009, 2010

Austin Homes are a great investment. Even though there have been a lot of issues with the current economic situation and severe problems with the mortgage and real estate markets, now is still a good time to buy. You can take advantage of lower housing prices and falling interest rates. Think about what is best for you, and consider the following reasons to buy real estate in Austin.

One of the biggest reasons to buy Austin homes is the great selection. You can find housing in any part of the city, and the price ranges are varied. There are many nice houses on the market, so you can select the perfect home. It used to be quite a competitive market, but with the current economic situation, buyers now have plenty of options and time to choose. One piece of wisdom is to remember that the best time to buy real estate is when people want to sell. This has never been truer than it is now. You can make your money go much further these days, and the power to negotiate is in your hands.

As was mentioned previously, real estate is becoming more affordable and this is especially true with Austin Homes. The market was much more expensive a few years ago. Now that things have opened up, the possibilities are much greater, especially for people looking to become first-time home owners. On top of this, mortgage interest rates are extremely low right now. Taking advantage of this fact is critical. You can get a great rate now before this trend breaks. Don’t forget that buying Homes in Austin is also a good way to save money on taxes. Your mortgage interest and real estate taxes are tax deductible. Investing in a home can be a smart move instead of paying rent every month. Rent rates are projected to rise around the country this year, so consider this aspect carefully.

Many of the Austin homes are move-in ready. Sellers are going the extra mile to get buyers to purchase property. It is a tough market, and this benefits people looking to buy real estate. Many sellers are willing to do extra painting, landscaping, and repairs to make the house the best it can be. They want to sell you an attractive home, and you reap the rewards of the market conditions. Again, it should be noted that this is a buyer’s market, and that gives you the dominant position of you are interested in buying a home in Austin. The time to make a move is now.

One of the biggest reasons to buy Austin homes is the great selection. You can find housing in any part of the city, and the price ranges are varied. There are many nice houses on the market, so you can select the perfect home. It used to be quite a competitive market, but with the current economic situation, buyers now have plenty of options and time to choose. One piece of wisdom is to remember that the best time to buy real estate is when people want to sell. This has never been truer than it is now. You can make your money go much further these days, and the power to negotiate is in your hands.

Author: Aniruddha Badola

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NeatReceipts Scanner and Software for Expense Management and Reporting $209.95 …

Quicken Rental Property Manager 2011 – [Old Version] $65.96 It shows how your rental properties are doing and where you’re spending at a glance. The Intuit Quicken Rental Property Manager 2011 Software identifies tax-deductible rental property expenses so you can maximize your tax deductions. It shows which rents have been paid so you know who owes you money and stores lease terms, rental rates and security deposits for each tenant….

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Every Landlord’s Tax Deduction Guide $33.00 This bestseller is the only book on tax deductions specifically for residential landlords! Named a “Top 10 Real Estate Book” by Robert Bruss, syndicated real estate columnist. If you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord’s Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes — wi…

The Needless Assault on Private Philanthropy

Americans are an incredibly generous people. Despite this deep and all-encompassing recession, charitable giving in the United States topped $307.6 billion in 2008, the second-highest total on record.

Taxes and Summer Camps