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Tax Breaks with the Season of Giving

Donating to CharityTis the Season of Giving! Kiplinger gives great advice on getting tax deductions with your charitable giving this Holiday season. Read the entire article via Get Tax Breaks for Charitable Giving-Kiplinger.

  • Choose your charity carefully. Use the IRS database to research.
  • Meet the deadline of 12/31 to get the tax deduction for 2015.
  • Get organized and clean out your “stuff” to donate.
  • Get receipts!

Your contributions often help our neighbors in need, within our community. Open your hearts this season and give back! The blessing from giving far exceeds the tax deduction! Gifts to Charity Donation Tax Return

Tax Tips – Is It Tax Deductible? – Donate an Auto

Tax TipsLearn tax tips so you will be informed and can save money on taxes!

Question – What is the tax deduction when I donate my car?

Example – When you donate your old car to charity, what’s the write-off?

Answer – Kelly Blue Book Value or Price at which the donated car is sold by the charity?

 

The answer is PRICE AT WHICH THE DONATED CAR IS SOLD BY THE CHARITY.

In most cases, your deduction is limited to the price paid for the vehicle when it is sold by the charity to raise cash. But, there’s a notable exception:

If the charity uses the vehicle in its mission (to deliver meals to the needy, for example) or fixes it up and gives it (or sells it for less than market value) to a needy family, you are allowed to claim a deduction equal to the vehicle’s fair market value (check used car guidebooks or Web sites). That could produce a bigger write-off since the value a charity gets at auction is likely to be a lower wholesale or even fire-sale price.Donate a Car

 

 

Tax Tips – Is It Tax Deductible? – Charitable Donations

Tax TipsLearn tax tips so you will be informed and can save money on taxes!

Question – Are all Charitable Donations Tax Deductible?

Example – You have made a large number of charitable donations in one year. Sky’s the limit on doing good—and cutting down taxable income, right?

Answer – True or False?

 

The answer is FALSE.

As far as Congress is concerned, it is possible to be too generous. Generally, your deduction for donations to charity in one year cannot exceed 50% of your adjusted gross income for that year (30% in the case of donations of appreciated assets and contributions to private foundations). But any excess can be carried over for up to five tax years to deliver the tax break you’re due.Donating to Charity

 

9 – 11 We Remember!

We Remember 9 11 Soldiers

Happy Labor Day!

Labor Day Family Circus Cartoon

Tax Tips – Is It Tax Deductible? – Volunteer Services

Tax TipsLearn tax tips so you will be informed and can save money on taxes!

Question – Are volunteering services Tax Deductible?

Example – You are volunteering your services as a carpenter to a non-profit community home-builder. Nice tax deduction, right?

Answer – True or False?

 

The answer is FALSE.

There is no deduction for the value of your time or labor donated to a charity. (Think about it: If you were paid for your labor, you’d have to add that amount to your taxable income. If you then turned around and donated the cash back to the charity, you would earn a charitable deduction to offset the tax bill on the income. The no pay/no deduction rule leaves you in the same position.)Gifts to Charity Donation Tax ReturnBut you can deduct the cost of any materials you donate and 14 cents per mile for using your car in connection with your charitable work.

 

 

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