Navigation Links
Few Hours Left for Charitable Tax Deductions According to Watson CPA Group
Date:12/31/2012

Colorado Springs, CO (PRWEB) December 31, 2012

Charitable contributions must be made to qualified charities and taxpayers must maintain proof in most cases. Typically any organization that has received a tax exempt status is a qualified charity, yet churches and other religious organizations might be exempt from this IRS requirement. Organizations and foundations which exist to promote education, science, literary works, prevention of animal cruelty, etc. are considered charities as well.

At times it is easier to consider who is not a qualified charity- social and sport clubs, labor unions, chambers of commerce, groups ran for personal profit, lobbyists, HOAs, individuals and political groups, among others. In addition, the value of a taxpayer’s time, services and blood, and the cost of raffle, bingo or lottery tickets are not considered deductible charitable donations. These are specifically prohibited in IRS publications.

Taxpayers cannot earmark the donation either. For example, a taxpayer's son goes on a charitable trip with a local church. If the donated money is earmarked specifically for the son’s expenses that contribution is not tax deductible. But if the taxpayer says that he or she prefers the donation to go to a certain person and understands the charity has full authority to use the money as they wish, the contribution can be deducted.

To value a donation, the IRS offers some general information about household items and clothing, and provides more specific information on cars, boats, airplanes, jewelry, art, real estate and patents. Both Goodwill Industries and the Salvation Army have online resources to help taxpayers determine the value of their donation.

eBay and craigslist can also be a good resource to show the fair market value of items that perhaps aren’t easily valued. For example, a taxpayer donates a washing machine he or she can prove the fair market value by finding one or two listings of the same item on eBay or craigslist. Another suggestion is to take pictures as proof or evidence of the quantity and condition especially if the donation is more expensive such as appliances, books and furniture.

Cash contributions include those paid by cash, check, electronic funds transfer, credit card, payroll deduction and text messages. A cash contribution cannot be deducted, regardless of the amount, unless the taxpayer has a financial record showing the name of the organization, date and amount, or obtains a written statement from the organization.

The financial record can include a canceled check, bank statement and credit card statement showing the organization, date and amount. For payroll deductions, a paystub or a W-2 showing the amount is sufficient. And for cell phone or text donations, the IRS is allowing copies of phone statements if it shows the organization, date and amount. The days of donating $20 a week to church, and then deducting $1,040 are long gone. Since 2007, taxpayers must have a receipt for every dollar donated.

The Watson CPA Group is a progressive tax consultation and preparation firm embracing internet technology to provide worldwide tax service from offices in Colorado USA. A secure online Client Portal allows remote taxpayers to exchange financial information, tax documents and tax returns saving valuable time and resources.

Since 1997, they are a team of Colorado Springs CPAs preparing individual and corporate tax returns for a flat fee, and specializing in LLCs, small business and corporate taxes, pilot and flight attendant tax deductions, per diem deductions, rental property owners and expat tax clients.

For more information visit http://www.watsoncpagroup.com

Read the full story at http://www.prweb.com/releases/2012/charity-donations/prweb10268251.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. 1-800-GO-VAPOR.com Today Announced New Telephone Hours for Ladybug Vapor Steam Cleaner Support
2. Family Doctors from Front Range Primary Care Now Offer Extended Hours at Trinidad, Colorado Location
3. ACNP: Novel NMDA receptor modulator significantly reduces depression scores within hours
4. IRSC Student Completes 75-Hours of Work for Degree at Martin County PPEC
5. Limiting neurosurgery residents work hours hasnt decreased complication rates
6. A Few Hours of Weekly Exercise May Help Womens Bones
7. Long-term cancer survivors struggle to keep regular work hours
8. Psychiatric Patients Often Wait Nearly 12 Hours in ER
9. U.S. Children Exposed to Hours of Background TV Daily
10. Marketing Xocolate International Corporation Sponsors The Xo-Love Project, An International Humanitarian Effort, to Increase Charitable Donations And Community Outreach
11. The Cyr Family Charitable Trust Announces Partnership with Ms. Wheelchair America 2013 and Non Profit Upward Transitions Therapeutic Horsemanship
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/12/2016)... Seattle, WA, and Washington, DC (PRWEB) , ... ... ... PATH and the Siemens Foundation today announced a new initiative—the Siemens ... technologies for low-resource settings. The partnership will recruit top students from U.S. ...
(Date:2/12/2016)... Falls Church, VA (PRWEB) , ... February 12, 2016 , ... CDRH Enforcement Trends: , ... http://www.fdanews.com/cdrhenforcementtrends , As Winston Churchill said, “Those who don’t learn ... 2015 will show what to expect when they come knocking this year. But that takes ...
(Date:2/12/2016)... ... February 12, 2016 , ... Each year, the American Physical Therapy Association ... CA at the Anaheim Convention Center. Almost 10,000 physical therapists across the country are ... action, learn more about their chosen field and network with their colleagues. As ...
(Date:2/12/2016)... ... February 12, 2016 , ... Coco Libre, the maker ... Red Carpet Events LA GRAMMY’s Style Lounge Event. Coco Libre will offer musicians and ... hydrated before the big event. The invitation-only gifting suite, held this year at the ...
(Date:2/12/2016)... Appleton, Wis. (PRWEB) , ... February 12, 2016 ... ... its second Lean Leadership Series at Zuckerberg San Francisco General Hospital on April ... to practice new behaviors and create new habits. The workshops cover a broad ...
Breaking Medicine News(10 mins):
(Date:2/12/2016)... , 12 februari 2016 ... een toonaangevende leverancier van productie en ontwikkeling ... industrieën, kondigt vandaag een uitbreiding aan van ... haar locatie in Charleston, SC ... geleid tot meerdere recente investeringen. ...
(Date:2/11/2016)... -- The primary goal of this research is to ... usage of liquid biopsy. Key information the survey seeks ... of liquid biopsy adoption amidst future users - Predominantly ... - Sample inflow to conduct liquid biopsy tests - ... so on. - Correlation analysis of sample type and ...
(Date:2/11/2016)... 11, 2016  Walgreens has committed to provide drug ... Washington, D.C. as part of a ... commended by shareholder advocacy organization As You Sow. ... "Many people hold on to unneeded drugs because they lack ... consequences." --> Conrad MacKerron , Senior Vice ...
Breaking Medicine Technology: