Posts Tagged ‘donation’
Sponsorship Deductible
September 13th, 2011
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
Donations Tax Deduction Clothing
August 15th, 2011
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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Tax Deduction For Car Donation
August 9th, 2011
Question: How/where can I donate a timeshare?
I have a great timeshare unit in Hilton Head, South Carolina. I cannot afford to make the maintenance fees every year in addition to my home mortgage, car payments, feeding/clothing/etc 2 kids, etc.
I want to donate this unit so that I will be free of the maintenance fee and will get the tax-deduction for this donation. Does anyone know what charities accept tax-deductable timeshare donations? I really need to know!
Help! Does anyone know of a charitg that will accept it right away and assume ownership of it? I contacted one charity and they told me that they would try to sell it but the unit would be mine (maintenance fees too!) until they could sell it, “usually within 6 months.”
I want to donate it now, get the tax deduction ASAP, no more maintenance fees!!!Please let me know if you have ANY information about this, ASAP! Thanks!!!
Sonicbum2112@yahoo.com
Answer: Try any of the charities that accept other property, houses, boats, cars. I think the American Cancer Society takes homes, the Humane Society does as well.
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Donate a Car 2 Charity | Fair Market Value Tax Deduction With Car Donations To Activated Ministries
Posted in Donation Tax Deductions | 
Tags: car, car donation, cars, deduction, donation, tax, tax deduction for car donation, tax deduction for car donation 2010, tax deduction for car donation irs, tax deduction for car donation rules, tax deduction for car donation to charity, tax.deduction | 
No Comments »Tax Deduction Goodwill
July 11th, 2011
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 8283Best wishes.
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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
Tax Deduction Used Car
May 22nd, 2011
Question: Tax Deduction?
Ok i deliver pizzas for a living and i herd that i can get Tax Deductions for using my car for the company and the miles i go? Anyone know anythang about that?
1. depending on gas price right now a $1.052. Credit card tips are automaticley reported… but not cash tips
***sorry they dont pay per run but everytime i leave the store 1.05Answer: You can claim 48.5 cents per mile as far as using your vehicle when delivering pizzas (business use). But if the company gave you some money for mileage then you can not take the full 48.5 cents. You will need to complete a 2106 form (employee expenses not reimbursed by employer) and attached it to your 1040. The mileage rate for 2008 is 50.5 cents per mile. Hopefully, you have good records to prove your mileage in case the IRS contacts you. You also need to report the cash tips as well.
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Romney support for individual mandate complicates health care politics
As Mitt Romney prepares for a major address on health care in Ann Arbor, Mich., this afternoon, he is still likely to continue defending what has become a third rail in Republican politics: a requirement from government that people purchase health insurance.
Used Car Donation : Car Donation Tips