The IRS Deductions Blog

Posts Tagged ‘charity’

Items on Amazon Right Now for Deductible Gift Recipient:

HELP ! SAVE Mercy Ministry Inc.Together we will help the Homeless and the Needy.

Question: Do I need to file anything to accept donations?

I am running a small political website and would like to place some newspaper ads with the website url. Some people say I need to file with the IRS or the state Secretary of State to do so. What are the regulations, can I just accept non-tax deductible donations and place my ads?

Answer: Yes, you can accept non-tax donations. You will need to apply for non-profit status from IRS. The best way is to incorporate your website in your state first and then obtain a non-profit status from IRS. This will protect your personal assets in case you are later sued.

Items on Amazon Right Now for Political Donations Deductible:

Humane Borders’ new face

Humane Borders is recasting itself as it enters its second decade of putting out water tanks for people crossing the desert in attempts to enter the U.S. illegally. The mission remains the same – keeping its blue water tanks filled.

MRFF – Part 06 of 15 — The Danger of Christian Dominionism — An explosive mix of fanaticism.

Question: Step by Step process of donating to goodwill or similar charity?

Can someone tell me the step by step process of donating clothing to goodwill store or similar style places and bing able to get the tax deduction. I have to use the long form for tazes anyway so might as well get the deduction if I can. Oh, This is mainly for used clothing and household goods. Good clean stuff thats left over from multi family house cleaning and yardsale.
Thanks!
I’ve never donated anything to get the deduction before, my prvious deductions have been drop offs. So I dont know what to expect.Also, Does it matter for taxes when the donation takes place? Such as there is a goodwill store close by in the next state.
Thanks again for any helpful answers!

Answer: 1. Each time you donate, make sure to obtain a receipt
2. Keep a record along with your receipt with a list of items donated
3. At the end of the year, make an estimate of the total value you are trying to claim. IRS allow Fair Market Value. Use this sheet as a guideline.

http://www.cincinnatigoodwill.org/donating/FMV2005.pdf

4. If the total is less than $500, then deduct the value in Schedule A Line 16
5. If the total value is greater than $500, you have to use Form 8283

Best wishes.

Items on Amazon Right Now for Tax Deduction Goodwill:

Retailers Have New Help With Overstocks

Retailers in the U.S. have over $65 Billion worth of inventory annually in an overstocked position, causing a drain on profits and taking time and focus from personnel. The Retail Orphan Initiative announced today the launch of an online charity locator to match up retailers looking to donate overstocked merchandise with local charities, thus receiving a potential tax deduction for items that …

Goodwill of DE & DE County Donations

Question: Can I get a tax deduction for books I donate to the library?

I love to read graphic novels and don’t like to buy them. But some of them you can’t get at the library so I was forced to buy them. Now I have a whole bunch of them. But with little room to store them. So I thought maybe I could donate them to the library, get a tax deduction, then just get them from the library if I every want to read them again.

Answer: Your library is almost certainly a 501(c)3 organization – assuming they are, you can take a charitable deduction for items donated if you itemize – if you don’t itemize, you can’t take a deduction. The amount of the deduction would be the value of the used books, nowhere near the original purchase price – probably something like $1 each for used paperback graphic novels, less in some cases, and then only if they’re in good condition.

The library might or might not put the books in their collection, so you can’t necessarily just take them out of the library if you want to read them again. Many libraries sell donated books at booksales.

Items on Amazon Right Now for Tax Deduction Donating Books:

An Annual Checkup for Your Business

Most businesses with which I am familiar, especially those of small to medium-size, are so caught up in day-to-day challenges that the only time they take a good look at the health of their business and the timeliness of the filing and payment of certain taxes and levies is when they review their annual statements with their accountants.

TYT – Extended Clip – December 17th, 2010

Items on Amazon Right Now for Its Deductible Login:

Login

+ SCF hosts Workforce Forum State College of Florida, Manatee-Sarasota hosted the Educating and Certifying Florida’s Manufacturing Workforce Forum June 16 at SCF’s Lakewood Ranch campus.