Posts Tagged ‘charity’
Tax Deduction Questions
July 16th, 2009
Question: Tax deduction question- playstation 3?
I bought and sold a Playstation 3 on Ebay and lost about $1,000. The 2 transactions were in 2006, from October to December. Is that tax deductible?
that doesn’t make sense though, you can claim losses on sales of collectibles like stamps and coins and baseball cards, it didn’t say anything about businesses
oh ok.. thanks
Answer: No.
Even if it was, it would have to be a business expense, as deductions on profits/loss are not allowed to the individual.
As a business expense, it would questionable. I don’t think an auditor would be convinced you started and stopped a business in the span of 3 months, and only made that one purchase.
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5 Tips for Connecting with Buyers and Sellers
RISMEDIA, January 6, 2010—Over the last few months, there has been a lot of talk about how times are changing when it comes to marketing and connecting with today’s buyers and sellers. Here are some questions that have been brought…
Rep. Manzullo Questions Big 3 Automakers on Need for Bailout
Tax Deductible Donations Form
July 15th, 2009
Question: As an individual filing a Federal Tax Return, how would I report Tax Deductions for non-cash donations?
Or anything else that may be considered tax deductible. I’m not sure if there’s a certain form that needs to be filled out to accompany the 1040/1040-EZ. Lord knows I’d have one hell of a time getting an answer from the IRS.
Answer: Noncash contributions are listed on your Schedule A with other Itemized Deductions… so if you file a 1040EZ or if you don’t itemize, you can’t take a deduction for contributions. You may be required to list additional information on Form 8283.
Publication 526 from the IRS gives step by step information. See the link below.
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Community Briefly
An accident early Friday morning left a gaping hole in the front of a Shreveport business.
History of the Lake Eola Fountain
Posted in Donation Tax Deductions | 
Tags: charity, irs, nonprofit, nonprofits, research, tax deductible donations forms | 
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Tax Deductible Donations Irs
July 6th, 2009
Question: I set up an EIN for a non profit but don’t need it now- do I have to notify the IRS?
I set up an EIN for a non profit scholarship program I run. We are a franchise of a main non profit group and we use their TAX id for our checking account and so donations can be tax deductible. But now I have this EIN and I’ve never used it. Do I need to get rid of it and how? Will I be penalized for not using it?
Why wait until I’m asked? Wouldn’t it be better to just clear it up? Am I going to be in trouble with this for setting it up and not using it?
Answer: Not until you are asked.
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Briefs – Dec. 30
Senior Meal every third Sunday at Clarinda Regional Health Center
Tax Tips & Advice : How to Determine What the IRS Considers a Charitable Contribution
Irs Deductions For Clothing Donations
June 28th, 2009
Question: Can I Deduct Clothing Donations to Charity?
Can I donate clothing to the Salvation Army and take a tax deduction?’
I had heard that the IRS had gotten tougher on clothing donations as deductions.
What things should I consider so that I don’t have any problems with the IRS?
Answer: If you itemize your deductions on Schedule A rather than taking the Standard Deduction then yes you can claim a deduction for Clothing donations. Keep in mind that you need to make a list of the donated items, and get a receipt from the organization. The IRS publication 526 states that the clothing must be in Good usable condition.
http://www.irs.gov/publications/p526/index.html
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Last-minute donations help both charities and donors
The last days of the year are busy for charitable organizations like Goodwill Industries as people look for last-minute Tax Deductions. Officials say they often receive more than 10 percent of their yearly donations during the end of the year.
Tax Deduction Mobile Phone
June 21st, 2009
Question: Tax deduction questions?
Could someone please help me with the following tax questions:
1) I’m a business consultant for a large IT management firm. I travel extensively to client locations but also work from my HOME frequently ~ 30%. Company classifies me as “Mobile” employee – either work at client site or HOME. They do not reimburse internet/phone/office equiptment. I don’t have a “study” room but work mostly in a corner of my room set up for business work. Can I use some of the “home office” deductions?
2) My younger brother does not live with me but I help him out financially from time to time. He’s a recent college grad and unemplpoyed. Could I claim him as a dependant? What would be some rules in order to claim as dependant. He probably wont be filing a 1040EZ.
3) My condo association installed new Green A/C-Heat unit which came out of my condo fee’s. Can I claim the Green deductions ~$300?
Thanks
Answer: 1) Yes, you may take the home office deductions that apply to you. Please remember to hold on to any receipts and applicable paperwork if you were to be audited.
2) Yes, you may claim your brother if he did not make over $3000, you provided more than half of his support and if he is not an eligible to be claimed as a qualifying child on another return. He does not have to live with you as long as he is a relative.
3) Yes, you may take the deduction for the a/c unit if it has a energy star sticker on it. Please hold on to the energy star paperwork and applicable receipts.
If all of these conditions apply to you, you may take all of the credits/deductions.
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Tax time tech spend
With the end of the financial year looming and a lots of cool, new tech coming consumers will be thinking about where to spend their tax refund cheques. Even those wanting an iPad, a device that many say is little more than a glorified iPod, will be getting in on the act with news that the Australian Tax Office has declared it a legitimate tax deduction for education and a “laptop” for the …
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