The IRS Deductions Blog

Posts Tagged ‘donation’

Question: I cant make sense of this FAFSA question and all the help provided refers to US tax forms…?

What was your parents’ adjusted gross income for 2008 (question 86)?

How much did your father/stepfather earn from working (wages, salaries, tips, etc.) in 2008 (question 89)?

So far i think the first question does not include taxes…but then if my mother does not work, the second question would be THE EXACT same answer as the first ! That sounds weird – does that mean that the second question is actually after income tax deduction ?

help!
Then that means that the wages, salaries, tips are greather than or equal to AIG because its the same thing as AIG except for the deductions ?

Answer: Adjusted gross income (AGI) is income *minus deductions.*

How much someone earns is not the same because deductions haven’t been figured yet.

Items on Amazon Right Now for 2008 Tax Deduction Tips:

For some, tax season not yet over

You filed your federal tax return, cashed your refund check and likely aren’t thinking about ta

Tips from the IRS – 2008 tax return–don’t miss out on free money!

Question: How do I track Goodwill donations for tax deduction purposes?

I’ve never tracked Goodwill donations for Tax Deductions and I have no idea where to start…

What are the things I need to do?

Answer: First, take pictures of the items you are donating. The forms that Goodwill hands out are signed, blank forms. They don’t even look at what you are giving them. The IRS is starting to crack down on non-cash donations, so having proper proof is key.

Second, write down as many of the items as possible on the donation slips when you get them, or attach a list to the slip.

Generally, I take the “Thrift Store Value,” which is the amount the store will be selling those gifts for. If possible, write down on your list that you attached to the slip about when you bought the items and how much you paid for them originally.

Finally, remember to get an address of where you dropped off the items.

You will need all of this to fill out form 8283 for non-cash donations as part of your tax return.

Items on Amazon Right Now for Tax Deduction Goodwill Donation:

Goodwill to open first store in Aberdeen

BY JACQUELINE HLAVENKA Staff Writer ABERDEEN — This summer, “goodwill” will be spreading to Route 35 in the heart of Cliffwood Beach. Goodwill Industries of Southern New Jersey and Philadelphia, a nonprofit organization, will open its first Monmouth County retail location at 296 Route 35 in the township, inside a 10,908-square-foot building formerly occupied by Rite Aid. read more

Question: Is there specific rules for collecting donations (cash & misc Items) for abused wom. & teens?

I have been collecting donations to help not just abused women but women who are just having a hard time starting over and if they have teen age children. I have gotten large amounts of cash plus many stores have donated new clothing, school supplies, furniture, and a lot of stuff people use daily. I am just not sure if I have a legal responsibility for $ amount of donations, or do I just take these things into different shelters and let them handle any filings for these companies to rec a tax deduction. Can someone help me find out? Maybe I should get a office bldg. to store all the things I have and maybe make it so that the receipient has to be reffered to be and picks up what they want by appointment only.
I am running out of space in my own home. Thank You.

Answer: Most states have a regulatory agency for a situation such as this. Persons donating items are allowed to use the donation as a tax deduction therefore they must receive a receipt. Your state regulatory agencies can give you the information to register as a non-profit entity.

Items on Amazon Right Now for Donation Tax Deduction Rules:

Supporting worthy causes through the enhanced deduction: examine the benefits in excess inventory.: An article from: The National Public Accountant $5.95 This digital document is an article from The National Public Accountant, published by National Society of Public Accountants on June 1, 1993. The length of the article is 3720 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 brow…

Charitable contribution of qualified conservation easement.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on December 1, 2009. The length of the article is 1338 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Charitable contribution of qu…

Payments to charities by business enterprises: Sec. 162 vs. Sec. 170.: 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 August 1, 1995. The length of the article is 916 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: Co…

Demolish or deconstruct?

Taking apart a house piece by piece can keep junk out of the landfill by Kate Daly

Tax deduction donation-how do I know I will get my tax refu

Question: Australian tax office deduction question?

the rule for claiming work related expenses is if the total claim is over $300, receipts etc must be kept.

my question is if the $300 limit includes self-education expenses, or the deduction for tax preparation. if not, whats the substantiation/written evidence rules for self-education expenses.

thanks

Answer: Tax preparation deductions and self education expenses are not included in the $300 amount for work related expenses. The Work Related Expenses category covers such things as laundry expenses, and miscellaneous expenses.

It is worth mentioning that there is not a $300 limit as such on work related expenses. This is the amount you can claim up to without receipts for work related expenses, but if you are audited you can be expected to be asked to produce receipts or proof of the expenses you have claimed in that total. You can also claim more than $300 if you have proof of those expenses.

For self education expenses, any claims must be directly related to your current employment. For example if you are a chef then an additional training course if cooking could be claimed. Using that same example, if you are a chef then a claim for a course in nursing would not be claimable as it is not related to your income. Proof would be a receipt from the training provider for course payment, a receipt for text books and stationery, and similar charges.

Items on Amazon Right Now for Tax Deduction Rules:

Disability deductions: providing greater access to tax savings. (Cover Story): An article from: The National Public Accountant $5.95 This digital document is an article from The National Public Accountant, published by National Society of Public Accountants on March 1, 1995. The length of the article is 3465 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 bro…

Cash advances to a corporation: loan or capital contribution?: An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by Thomson Gale on September 1, 2006. The length of the article is 793 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: Cas…

A primer on individual NOLs.(net operating loss): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by Thomson Gale on March 1, 2006. The length of the article is 2098 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: A primer on i…

Lockheed Martin says first-quarter profit fell 18 percent

Lockheed Martin, the world’s largest defense contractor, said Wednesday that its profit for the first quarter fell 18 percent compared with the same period a year ago, a decline related largely to changes in federal tax policy brought on by the recently passed health-care reform law.

Question: how do i know how much is my donations of goods worth for tax deduction purposes?

im planning on donating a box full of clothes, accessories, etc to a thrift store,, but i’ve never done this before and i would like to know how i would itemize for next year’s tax..
when i file my taxes next year will it ask for a $ amt of how much it’s worth? if so,, how would i know how much it is coz i do my own tax online..
will the thrift store give me some kind of receipt and will it have the amt on there?
will it even affect my tax? what’s the least amt i need to donate for it make a difference on my taxes

Answer: Walk around the thrift store and see what similar items are selling for – that’s what your deduction is, not what you paid for the items. For example, a shirt you paid $30 for might be a $2 deduction. Yes you’ll have to enter a value for your donation into the tax program. The thrift store will give you a receipt, but not with a value on it. Be sure to keep a list of the items you donated – keep it with the thrift store receipt, you’ll need both if the IRS asks to see them.

If you already itemize, even a small donation will affect your taxes. To itemize, your total Itemized Deductions (not just the donation) for 2009 would have to be over $11,400 if you file a joint return, or over $5700 if you’re single. Look at schedule A to see other itemized deductions. Unless you own a house with a mortgage, there’s a good chance you won’t have enough to itemize.

Items on Amazon Right Now for Tax Deduction Clothing:

Luvable Friends Tee Top Tax Deduction, Boy …

Mommy’s Little Tax Deduction $24.00 Black or White Short Sleeve Snapsuits with contrast stitching for your little rebel. Lap shoulders, in 100% super soft cotton….

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ItsDeductible 2002 Cash for Your Used Clothing $25.00 Tax Year 2002 Workbook, 13th Edition of Cash For Your Used Clothing. Cash for Your Used Clothing is the only product on the market today that determines and assigns the actual fair market value to your charitable donations and guarantees you will increase your tax refund or your money back! An independent study showed that 91% of people who donate even one bag of clothing to charity value th…

10 Common Tax-Filing Mistakes to Avoid

To get exactly what you should from the IRS — and as quickly as possible — look out for these filing pitfalls.