The IRS Deductions Blog

Posts Tagged ‘donation’

Question: Goodwill donation deduction on my state return.?

I live in Michigan. I take standard deduction.
I know I can’t take deduction for items I donated to Goodwill store on my federal return.
Can I take deduction on my state income tax return for items donated to Goodwill? (Under public contribution section)
Donation value apprx. $500

Answer: Generally,if you can’t claim it on federal,you can’t claim it on state.
A few exceptions may be “food pantry” donations,you have to have the state tax form to take it.
To itemize,your deductions have to exceed your personal exemption for federal.

Items on Amazon Right Now for Donated Items Tax Deduction:

Oregon candidate Dudley took unusual tax break after allowing firefighters to burn his house

PORTLAND, Ore. (AP) Republican Chris Dudley, a former professional basketball player now running for governor in Oregon, acknowledges he allowed firefighters to burn his house in 2004 in a posh Portland suburb as part of a training exercise for the local fire department and took a $350,000 tax deduction for it.

Tax Deduction Tips & Advice : How to Value Donated Clothing for Taxes

Question: Tax Donation Deduction – Maximum?

Lets assume you owe $20,000 in taxes. If you donate $20,000 to some charity,
can you deduct that full $20,000, thus owing $0.00 in taxes?

Answer: No.

The savings is based on your tax bracket. If if you are in the highest tax bracket (35%), a $20,000 donation would only save you $7000 in taxes ($20,000 x .35). You would still owe $13,000.

Items on Amazon Right Now for Tax Deduction Charity Donation:

Fundraisers calendar

To have an item considered, submit it in writing two weeks in advance. Include a daytime phone number readers may call. Send items to Fundraisers, P.O. Box 8099, Walnut Creek, CA 94596-8099. To obtain an announcement form, call 925-943-8235.

Tax Deductible Charitable Donations for 2010, 2011

Question: Federal Income Tax question – Car donation for charitable deduction?

I am a 21 yr old full time college student who is still a dependent on my mom’s tax return (she itemizes). I would like to donate my car which has a Fair Market Value of $5,000, to take advantage of the charitable deduction on my taxes. I currently have $300 in deductions without the charitable deduction.

What do you recommend I do to take advantage of the charitable deduction. Should I have my mom donate the car for me if I don’t itemize my deductions?

Thanks in advance

Answer: The first two people who answered the question are correct, but they missed one point. If the charity uses the car as part of its mission (A church providing a car for the minister, etc.), then the Fair Market Value is used, but if the value is more than $5,000 you need to have it appraised. The appraisal report (don’t forget to keep a copy) must be attached to the tax return.

Now, back to reality. Your Itemized Deductions must exceed $5,700 for you to get any benefit from them. Also, even if you have other deductions that total $5,700 (meaning that the $5,000 is fully utilized), you only save a fraction of the FMV. If you are in the 15% tax bracket, the $5,000 donation would save you $750 in taxes. In other words, you are better off financially if you sell the car.

Items on Amazon Right Now for Tax Deduction Car Donation:

Community Calendar: Library book sale kicks off with preview day on Tuesday

To list an event happening in Greater Haverhill, submit no later than 10 days before The Haverhill Gazette’s Thursday publication date. Listings run as space allows. thursday, Sept. 16 Zumba Gold: Class geared toward active Baby Boomers and seniors, led by certified instructor Stephanie Smith Thursdays at 9:30 a.m. at Citizens Center, 10 Welcome St., Haverhill. $5 per session.

Car Donations-Car Charity Donations-$500 Tax Deduction PLUS $1000 GIFT CARD

Items on Amazon Right Now for Cfc Tax Deduction:

1.3 Withdrawal of agent’s copies of some PAYE and SA forms

HMRC has notified the professional bodies that as part of the drive to save costs it plans to stop issuing copies to agents of some mail which is sent to clients.

Dual Resident Corporations Simplify Taxes

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!