Posts Tagged ‘research’
Tax Deduction Car Lease
April 27th, 2008
Question: I am 23 years old and my salary is 38k net, Im looking to lease a car thats $550/month, could this work for me
To those that answered this question, thank you all.
Here’s the break down, I have $26K in the bank and I make 38K net after taxes and all deduction ($3200/month). I work for a fortune 100 company with 152,000 employees around the world so I doubt they will go belly up anytime soon (stock keeps growing).
I drive 250 miles a week and my monthly expenses (gas, rent, electric, phone, groceries and others) are $2,200/month.
Car lease pmt is going to be 550/mo with 110 bucks in insurance so total of $2,860 which leaves me ~$350 in savings each month.
I am looking to go back for my graduate degree soon (1 year).
Can someone advise if this payment would work out for me, any experiences are appreciated.
Answer: I wouldn’t do it. I sounds like you know deep in our gut what the answer should be.
Here is my take. Yes you want a car right now, but you’re young and you will also want to do other things. $350 in discretionary income per month is really not a lot. What if you want to go on vacation? What if you have an emergency? At $550 plus insurance, I think that too much of your salary would be going to a car. What kind of a car is this? Sounds like it might be too much car in any case. In my experience, if you can’t aford to buy it, you can’t afford to lease it.
Personally, I make $90,000 and I pay $500 for my Infiniti. Sometimes I even think it’s too much for me as at this point I would rather be investing in my home or saving more.
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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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