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document Why give to charities?
By Jason Watson (Google+) Many people give to charities for a wide range of reasons- help those in need, makes people feel good, because of personal experience, gives people a sense of pride, and yes, for the tax deduction. Here are some examples of charities and their missions- The...
16 Oct, 2012 Views: 0 Comments: 0
document Who qualifies as a charity?
By Jason Watson (Google+) Typically any organization that has received their 501(c)(3) tax exempt status is a qualified charity, yet churches and other religious organizations might be exempt from this requirement.  The term charities is all encompassing (like Kleenex or Linoleum)...
16 Oct, 2012 Views: 0 Comments: 0
document Are there ways to earmark money for an individual?
By Jason Watson (Google+) Yes, but be very careful. To deduct a contribution made to a qualified organization, the donation must not be earmarked or directed by the donor. However, and this is a big however, if you notify the organization that you prefer the donation to go to a certain...
26 Nov, 2012 Views: 0 Comments: 0
document What are some other charitable deductions?
By Jason Watson (Google+) Students Living With You: You may be able deduct qualifying expenses for a foreign or American student who lives in your home under a qualified exchange agreement, is not your relative and is a full-time student in the twelfth or lower grade. Out of Pocket...
16 Oct, 2012 Views: 0 Comments: 0
document What are some of the donations I can deduct?
By Jason Watson (Google+) There are several different types of property donations, some of which are very obscure.  Generally your donation of clothing, household items, food, cash and cars are the most common.  However, you can also donate taxidermy property (really?), your...
16 Oct, 2012 Views: 0 Comments: 0
document Do I need receipts for my donations?
By Jason Watson (Google+) Yes.  Period.  Okay, there is one tiny exception. Noncash Donations:  There are four areas to discuss when it comes to noncash contributions. Less than $250 Between $250 and $500 Between $500 and $5,000 Over...
16 Oct, 2012 Views: 0 Comments: 0
document How do I determine the value of my donation?
By Jason Watson (Google+) For cash, this is easy.  But for those property donations where a receipt or written statement did not reflect the amount or value, there are several ways to assign the fair market value. First, the IRS Publication 561 Determining the Value of Donated...
16 Oct, 2012 Views: 0 Comments: 0
document What are the limits of my donations?
By Jason Watson (Google+) There are the 50%, 30% and 20% rules: Cash contributions are generally limited to 50% of your adjusted gross income (AGI). Property contributions are generally limited to 30% of your AGI. Contributions of appreciated capital gains assets (in...
16 Oct, 2012 Views: 0 Comments: 0
document Does deducting charitable contributions cause an audit?
By Jason Watson (Google+) Perhaps.  No one can say for sure, but there are donation ratios and averages that the IRS can use to determine if you are an outlier.  In addition, the reporting requirements on your tax returns are changing every so often giving the IRS more detail of...
16 Oct, 2012 Views: 0 Comments: 0