This is more about finding a charity to support than about the deductibility of items and how you can get a deduction for them. This article by Donna Rosato in Money gives some answers to a lot of charity questions you might ask: http://time.com/money/3611880/charitable-giving-tips-advice-katherina-rosqueta/ That being said, make sure you have a receipt to back up your donation (a check, cash receipt or credit card receipt will do if the donation is under $250; otherwise you also need a letter from the charity giving the donation amount and verifying that no goods or services were given for the donation. It should also have the charity’s information.) If your donation is noncash and over $500 you should fill out form 8283 detailing the donation. If a donation of a type of item (clothing, furniture, appliances) is over $5000 the 8283 must be signed by the charity and an appraisal of the donation must be submitted. It is worth it to get the tax deduction. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Financial Musings of a Burbank CPA: $750 million in gift cards will go unused in 2014
Gift cards are the most sought after gift (followed by cash, clothes and books) and since the expiration date on cards has been extended to five years in 2009, people have a tendency to treat them more like cash and not spend them right away. $750 million in gift cards will go unredeemed this year (this is actually down from $1 billion last year.) See this article in Market Watch by Quentin Fottrell for more details: http://www.marketwatch.com/story/750-million-in-gift-cards-will-go-unused-in-2014-2014-11-29 As I said above, things are improving – only 1 percent or less of gift cards given are going unused now when in 2007 ten percent were going unredeemed (probably due to the earlier expiration dates.) But it is still smart to spend those cards and tell the people who gave them to you what you bought (good manners.) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Tax Musings of a Burbank CPA: 1 in 6 Taxpayers in Danger of Losing Tax Breaks
As everyone knows, Congress has passed the buck on getting various tax extenders for 2014 until the last possible moment. Possibly 1 out of 6 taxpayers may be affected by these sunseting provisions not being passed. See this posting in Accounting Today by Michael Cohn for the scoop on the potential tax increases by various extenders not being renewed: http://www.accountingtoday.com/news/tax-research/1-in-6-taxpayers-in-danger-of-losing-tax-breaks-72836-1.html The funny part is that many of these extenders effect lower to middle income taxpayers a lot. The education supplies deduction for teachers, people in states without income tax who can no longer deduct sales tax, people with private mortgage insurance on their home mortgages are some of the people who will pay more taxes if the extenders are not renewed. Come on Congress, get on the job and get these breaks passed. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa