The IRS Deductions Blog

Posts Tagged ‘donation’

Question: Do Republicans still believe in the Trickle Down economic theory?

Collect $150,000 in campaign donations from small town “real Americans”, as they like to call them, and then use the money to drape their candidate in overpriced designer clothing. Later, donate the dandruff and coffee-stained stuff to Goodwill for a tax deduction, where it will finally trickles back down to the real Joe Six-packs, and plumbers who buy it as reasonably priced gifts for their hockey wives.

Answer: They tell themselves it works like most Christians tell themselves they are good people. The only part which is not accurate in your description is that they won’t really give those clothes to Goodwill. Instead they’ll just dump them in the garbage where someone homeless will dig it out. Then they’ll write it off on their taxes anyway, along with the $21000 airfare / hotel expenses, hoping they won’t get audited by the IRS.

Items on Amazon Right Now for Tax Deduction Used Clothing:

Goodwill Encourages Arkansans to Donate for Tax Break

The holiday season leave your wallet a bit lighter? You can get a little money back from Uncle Sam by donating new or gently used items to Goodwill Industries of Arkansas for an end-of-year tax write-off.

Typhoon Ondoy

Online car insurance calculator is devised by insurance companies to help people calculate the amount they may have to pay on a regular basis when they buy an insurance policy. The car insurance calculator service is offered by several insurance websites such as carinsurance.com.

You can use a car insurance calculator to:

Working of a Car Insurance Calculator

A car insurance calculator (ref: http://www.economywatch.com/insurance/auto/car-insurance-calculator.html ) uses personal information to calculate a rough estimate of what an insurance policy might cost to an individual. A calculator needs the following details to calculate the premium:

Place of residence: An individual living in a metro city is more prone to road accidents. Thus, s/he will be charged a higher premium than those who are living in a small town.

Age and Gender: Insurance companies believe that a person becomes more cautious in his driving as he ages. Thus, people aged above a certain limit may be offered discounts. Similarly, companies offer discounts to women drivers as they are perceived to be more cautious drivers than their male counterparts.

Driving record of an insurance seeker: An insurance company also determines the risk factor of an individual from his past driving history. Insurance companies charges higher premiums from individuals with a previous record of accidents and breaking traffic rules. In extreme cases, the companies can also refuse to accept the application of the insurance seeker.

Make and model of the car: These details help insurance companies determine the current market value of the car to be insured. The lower the market value of a car, the lower will be the premium charged.

A car insurance calculator may also prompt you to input miscellaneous information such as the frequency of the drive to calculate the premium.

Items on Amazon Right Now for Charity Tax Deduction Calculator:

Plan your taxes now to save time later

With the new year approaching, it’s time to take a look back.

Question: I don’t Owe Taxes- Are Deductions for Student Loan Interest & Car Donation worthwhile?

OK the short of the question is that I made way below the cutoff in 2007 to owe any taxes on my return this year (About $11,000).

Answer: 1. Contrary to what rtfm wrote, moving expenses are an adjustment, not an itemized deduction, and may be claimed IN ADDITION TO the standard deduction.
2. Judy’s answer should say $11,000, not $11,00, but otherwise seems right.

Items on Amazon Right Now for Tax Deduction Auto Donation:

Year-end tax tips

There are only a few days left until 2010, but there are still a few things you can do to save money in 2009.

Charity Navigator’s Tax Tips: Valuing Car Donations

Question: Can I Deduct Clothing Donations to Charity?

Can I donate clothing to the Salvation Army and take a tax deduction?’

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

Items on Amazon Right Now for Irs Deductions For Clothing Donations:

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.

Question: How do you get a receipt at the Salvation Army?

I know it sounds like a really stupid question, But I’ve never gotten a receipt from them before, and I’ve been calling them for a week and they won’t pick up their phone. Anyway, I need to start getting receipts for my donations because I give so many clothes away every year and should really start using it as a tax deduction. How do you do it? Do you make a list of stuff that you’re donating and do they sign off on it? Or do they go through each item in your donation bag to make sure it’s accounted for and give you a receipt? I’m in Chicago, if that helps at all. Thanks!

Answer: When ever I drop stuff off at the Salvation Army donation truck, They always offer to give me a receipt. If they don’t offer you one you should ask when you make the donation.

When I drop stuff off they just give me the receipt book and ask that I right on the receipt a general description of what I am donating. Then they keep a copy and give me the original. They do not put a value on the donation, They leave that up to you.

Items on Amazon Right Now for Donation Tax Deduction Clothing:

Donations to Goodwill rise as year draws to a close

By Ryan Jones Correspondent Though a string of blue- and tan-vested employees moved fast to pull bagged and boxed items from trunks, back seats and pickup truck beds, vehicles still filled the “Donation Drive Thru” at the Goodwill store on Lowes Boulevard early Wednesday morning.

Christmas Appeal Christmas Video