Posts Tagged ‘reference’
Company Tax Deductions
March 12th, 2008
Question: Is there a company that can do my taxes? I am in Iraq and I have a lot of uncommon deductions.?
I have looked at all of the online sites and I could not find a way to list all of my various deductions. Is there somewhere that I can talk to an actual person and they will file for me?
Answer: I’ve used TurboTax online for years (you don’t even need to go buy the “box”). Just google it and go into their website.
It’s been great. It will walk you through everything. I usually have one of two things I have to go call about to get exact data, but the systems works great. We too have some us usual items.
After you’ve done your first year it will save a lot of your data for the following year so that you will have fewer data entry tasks. Good luck.
If you are in the military, thanks for serving !
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5 Small Businesses Tax Tips for 2010 from DebtGuru.com
Start preparing for next year’s tax season now to make it much easier for tax time. Find many more tips on the Debt Guru blog at http://www.debtguru.com/finances/top-twelve-tax-tips-for-small-businesses.
Tax Deduction Tips for Businesses : Sub Chapter S Corporation Tax Tips
Posted in Tax Deduction Help | 
Tags: business, deductions, limited company tax deductions, reference, tax, taxes | 
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Is Goodwill Deductible
March 5th, 2008
Question: Income Tax Question – Form 8283 Charitable Deductions (noncash)?
I need a little help. I’ve been told 2 different things, so I need to confirm which is correct.
I use Turbo Tax to do my taxes. I usually have non-cash contributions of over $ 1000 each year, costing about $ 75-200 for each. I get a copy of the receipt that Goodwill gives me and keep it with each donation. I use Its Deductible to plan how much to deduct for each item. Turbotax then fills out Form 8283 because the total of all my contributions is over $500.
*** Here’s the problem: My mother told me her tax person said that you can’t claim non-cash donations each year over $ 500 unless they give you an appraisal. **** Isn’t that just if an INDIVIDUAL item is worth over $ 500?? Not if you give away, say… Goodwill 2-10-07 $ 201.00, Goodwill 3-4-07 $ 122.00, Goodwill 8-14-07 $ 175.00, Goodwill 11-1-07 $ 98.00 ???
Any help from a CPA or someone who does tax preparation would be really appreciated.
Thanks!!
Answer: You can only deduct what the items may sell for. For donations to Goodwill or similar charities, that’s typically between 10¢ and 20¢ on the dollar of the new price of the items at best. If challenged at audit, you must be able to provide a detailed inventory of all items donated and the individual values of the items.
The rules on non-cash donations are complex. See IRS Pub 526 http://www.irs.gov/pub/irs-pdf/p526.pdf for general guidelines on charitable donations and IRS Pub 561 http://www.irs.gov/pub/irs-pdf/p561.pdf for more detailed information on establishing the value of donated property.
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Donations needed at Goodwill
Nonprofit agencies and charities are taking a financial hit this year, including Goodwill locations around West Michigan.
Goodwill Detroit-Cuisine for a Cause 2008
Posted in Tax Deduction Questions |
Tags: charity, is goodwill deductible for tax purposes, nonprofit, nonprofits, reference, research |
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