The IRS Deductions Blog

Posts Tagged ‘charity’

Question: What can you deduct if…..?

My husband and I own a business. We are sponsoring a T-Ball team this year. What all will be considered deductible when we file taxes next year? (ie…sponsorship fee, uniforms, water cooler for team, first aid kit…etc) We are an LLC, Sole Propriertship company.

Thanks.

Answer: All your expenses will be deductable. If you pay for the team to eat, only 50% is deductable. I am sure the kids thank you

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The Kilimanjaro Climb August 2010

Question: Does anyone know of a charity that would accept jewelry as a donation?

I have an old engagement ring that I would like to donate to a charity that is recognized by the IRS (for tax deduction purposes). Does anyone know of an organization that would accept a piece of jewelery? Thanks……

Answer: I might suggest a better alternative… send your ring to MIDWEST REFINERIES & donate the proceeds to whomever you choose. Midwest is not like those scams Gold kit and such. They are a real refinery – family run – take a very small (%5) of the gold value. I have done business with them for 2 years now. They don’t charge any Extra for assaying or melting. They pay you strait up 95% of the value of the gold in the jewelry. You can look them up at www/midwestrefineries.com No order is too small. If you send to them on Monday… many times I have gotten payment by the following Monday. Most Charities other than the salvation army wouldn’t know what to do with the Ring or it would unfortunately now days end up in someones pocket. I run a non profit & that is where we send all our jewelry we get from storage auctions or donaitons.

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IRS TAX TIPS: Charitable Contributions (ASL, CAPTIONS, & AUDIO)

Question: When I donate a car to charity, it is tax deductible, what exactly does that mean?

will i be getting cash then or does it just reduce my taxable income by the amount the car is worth or does it reduce the amount of taxes I owe the next time I file my taxes in April. How does one determine the amount the car is worth if was not actually sold. can anybody out there speak from experience???

Answer: Whatever the charity sells the car for is what your allowable deduction will be. You must itemize deductions in order to get any tax benefit.

If this is your only itemized deduction it probably won’t be of any benefit unless the value is greater than the $5,700 Standard Deduction For 2009 and even then the only benefit will be the difference between your Itemized Deductions and the Standard Deduction Amount. It would reduce your taxable income by that amount.

The tax savings would be the amount of the deduction times your marginal tax rate. If you are single and had $6,700 in deductions and your marginal rate was 15%, the tax savings would be $150 or less.

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Charity & Christian Doctrine : Are Donations to Charities Tax Free?

Question: donation tax?

Hi, I am single, no kids, no house. I usually do standard deduction. However, I donated many clothes. Is it helpful if I file a itemized deduction for those donated clothes? What’s the min amount to file a itemized deduction in order to get more refunds?

Answer: Your best bet would be to figure your taxes both ways, using the standard deduction and the intemized deduction. Use whichever gives you the most back.

A good rule of thumb is that, unless you have a mortgage and pay interest, you are going to come out ahead using the standard deduction. Otherwise you probably won’t have enough deductions to equal or surpass the standard deduction.

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Authors@Google: Dean Karlan and Jacob Appel

Question: Is my laptop tax deductible?

I’m going to be buying a laptop, and was wondering if it’s tax deductible as i work for an internet company that requires me at times to access the net for research on a computer at home.

Answer: If it’s for business and you can prove it, then more than likely yes. Ask your accountant though.

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Learn About The Gift Tax and ItsDeductible