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
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
CPA Tax Musings: IRS Offers New Guidance on Mass Transit Passes
The IRS has recently offered guidance on mass transit passes given to employees as fringe benefits and implications of various forms of debit cards, etc. See this article in Accounting Today by Michael Cohn with more details: http://www.accountingtoday.com/news/irs-watch/irs-offers-new-guidance-on-mass-transit-passes-72776-1.html There will be some items allowed and some items not allowed – the IRS revenue ruling 2014-32 will give more information about taxability and classification. Also it discusses how it pay for these to keep the tax free fringe benefit status. 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