The IRS Deductions Blog

Archive for the ‘List of Tax Deductions’ Category

Items on Amazon Right Now for Tax Deductible Raffle Tickets:

Trinity plans to ‘Laugh Out Loud’ at this year’s Legacy of Learning

Trinity Catholic School’s Home and School Association will hold its 10th annual Legacy of Learning fundraiser Feb. 6 at Memorial Hall at the Plumbers and Pipefitters Union, 1250 Kinnear Road.

Question: I need a sponsor for my girl scout troop, any ideas?

Hello, My name is Mary L. Jones and I am leader of Girl Scout Cadette troop 3099. This troop is one of few serving 15-17 year olds in the metropolitan Atlanta area. Troop 3099 is geared towards turning young ladies into leaders while keeping them involved in helping the community. In June 2008, we would like to plan a trip costing approximately $2,400.00. With this said, we were wondering if any business could sponsor this trip. Because they are donating to a non profit organization, their contributions will be tax deductible. Does anyone own a business and is interested or know of a business or association that might be so that I can send an official proposal letter to their company.
Thank You,
Mary Jones

Answer: First, talk to your Council – most would frown mightily upon your seeking that large a sponsorship without at the very least going through them. Your troop is not a nonprofit organization, the Council is, and as such any tax receipts would need to come from the Council anyhow.

Second, what type of money earning projects have the girls done towards the trip? $2400 is not an impossible amount to raise, at least a big chunk of it. If the girls are just expecting someone else to foot the bill “as a tax write off” what are they really getting from it? Yes, the trip, but so much more of the Girl Scout travel experience is about the planning and earning and WORKING for the trip.

Different Councils have different rules for earning money, but I can’t imagine a single one that would nod at a troop looking to get a trip entirely funded without the girl’s earning at least a portion of it. At least in the Councils I’m familiar with, approval for trips over certain lengths, distances, and/or expenses requires special approval, including submitting how you plan to finance it, so it’s better to get all this paperwork done now (June isn’t very far away!) and make sure you’ll be approved anyhow before seeking sponsors.

Items on Amazon Right Now for Tax Deductible Letters:

Committee gearing up for 30th annual Florham Park summer concerts

FLORHAM PARK – Motown and ’80s tunes will be featured in the 30th anniversary of the Florham Park Summer Concert Series.

Book ‘Em: Books-to-Prisoners

Question: How do you start a non-profit organization?

The organization is kinda started already. It’s name is Earthcross, and it has a website, but there’s nothing on it. The goal is to help the earth, hence the name Earthcross. I also need to know how to make it tax-deductible, and if you have any fundraising ideas, it would help alot. If you don’t have an answer to all of these questions, i would still like to see your ideas

Answer: You will need to have a set of policies and procedures, a board of directors, a corporate seal, and go to your Secretary of State (for whatever state you are in), and apply for a not for profit corporation status. After you have done all that is required there, you will have to apply with the IRS and jump through all there hoops. I know, I did it. It takes a long time and is hard work Good luck YBIC

Items on Amazon Right Now for Tax Deductible Non Profit:

Teacher to get Cutting Award

Shrewsbury Youth and Family Services (SYFS) is pleased to announce that Amy O’Leary will receive the 2010 Harry S. Cutting Award.

Noahs-Ark.org / Locust Grove, GA

Question: Is the gift money given to spouse/children tax deductible?

Is the gift money given to spouse and/or children tax deductible? If yes, up to what amount for the ‘Married filing jointly’ status?

Answer: No.

Gifts to individuals (regardless of who they are) have never been deductible.

Only gifts to qualified charities are deductible.

Items on Amazon Right Now for Tax Deductible Status:

Can Tax-Free Donations Fund Settlements?

Can Tax-Free Donations Fund Settlements?

Snowball (TM) – First Overseas Commercial

Taxes can be overwhelming which is why there is such a large market for tax preparation services. There are many different types of tax preparers and each title has certain requirements that must be maintained in order to establish its position. Below is a brief introduction to the different types of tax preparers available as well as some general tips on what to look for when choosing the right one to prepare your taxes.

General Tax Preparer

There are several different routes that are taken to become a general tax preparer. For larger companies like H&R Block or Jackson Hewitt, they will provide their employees with training on how to serve customers with their tax needs and how to spot common tax return errors and omissions.

Enrolled Agent

Enrolled agents are required by the IRS to have 72 hours of professional education every three years to retain their designation after passing a standardized test.

Certified Public Accountant (CPA)

To become a CPA requires about five years of school and a very rigorous test. There are many different options when it comes to filing your taxes every year and with better software and training coming out, the process has become a much smaller headache.

How to Choose

When there are this many options to have your taxes done, the hiring process of a preparer becomes a contest of who is the most qualified. People will trust brands that they see on TV or advertisements, or perhaps they will seek out an accounting educated individual for advice or expertise.

By obtaining more knowledge on taxes and the different requirements that each preparer must go through in order to obtain their designation, you will have a better foundation on which to make your tax preparation decision when it comes time to hire a tax preparer.

Proper Credentials and Liability Coverage

Although a tax preparer’s certifications and awards are one metric to base your decision on, one of the most important factors is whether or not they are covered with liability insurance.

If you’re thinking about outsourcing your tax preparation this year, make sure that the preparer is covered with reliable insurance. This is a good indication that they take their job seriously and that if there are any errors or omissions with your tax documents, that there will be insurance coverage to resolve your dispute.

Items on Amazon Right Now for Tax Deductible Training:

In & Around Town

SATURDAY, Oct. 4 The second ‘Shop ‘n’ Rock’ will be hosted from 1 to 6 p.m. at the Budd Lake Firehouse, Route 46. The event is sponsored by the Mount Olive Kiwanis and Mount Olive Fraternal Order of Police Lodge 122. The family event will include food, activities, music, a kid’s play zone and vendors. Vendors and sponsors are sought and should visit www.mtolivekiwanis.org[[[SHIFTIN …

Team in Training: Early Morning Swim-Bike-Run Part 5