Charities

IRS Offers Tips for Year-End Giving

December 16, 2011

Courtesy of the Internal Revenue Service WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following: Special Charitable Contributions for Certain IRA Owners This provision, currently scheduled to expire at the end of [...]

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Getting Real Value from Your Charitable Deductions

November 18, 2011

Harry and Esther are flying to Australia for a 3 week holiday to celebrate their 40th anniversary.   Suddenly, over the public address system, the Captain announces, “Ladies and Gentlemen, I am afraid I have some very bad news. Our engines have ceased functioning and we will attempt an emergency landing. Luckily, I see an [...]

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Vet Bills

September 6, 2011

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  Today TaxMama hears from Tina in the TaxQuips Forum, who’s in doubt. “I work for a non-profit animal shelter.  We have someone who rescues animals, has them treated at a vet and tries to get them adopted. If she is unable to adopt them out, she brings them to us for us to take [...]

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Comic Relief

July 26, 2011

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  Today TaxMama hears from K Syl in the TaxQuips Forum, who has a fun idea.  “I have an Internet marketing business – a blog on comic books. The blog will have links for ordering comics to generate income on the blog and Pay Per Click ads. Large portions of the site will be devoted [...]

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Coaching Expenses

June 15, 2011

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Today TaxMama hears from Mimi in the TaxQuips Forum who tells us. “My husband coaches my son’s Little League and travel basketball team.  Occasionally, he buys equipment for the team’s use and hosts an after-season party, complete with pizza, cake and beverage.  Some of these expenses are not reimbursed by the league.  Are these deductible?  How about [...]

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275,000 Organizations No Longer Tax Exempt

June 10, 2011

Courtesy of IRS: IRS Identifies Organizations that Have Lost Tax-Exempt Status; Announces Special Steps to Help Revoked Organizations WASHINGTON –– The Internal Revenue Service today announced that approximately 275,000 organizations under the law have automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years. The IRS believes [...]

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Crazy Cat Lady Takes On IRS

June 9, 2011

By David Stone, EA [TaxMama Note: This is the where I first read about the Tax Court case referenced in today's TaxQuip.  Thanks David! ] Every town has a crazy cat lady, with way too many cats littering her property. Neighborhood kids walk past the house and wonder if it’s haunted. Adults drive past and [...]

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Deducting the Class Snake

June 9, 2011

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Today TaxMama hears from Susan in the TaxQuips Forum with a fun case. “Assuming that I won’t make my son pay for it out of his allowance, for volunteering me to take care of the class snake for the summer… Can I deduct the cost of the frozen rats it eats? And what about if [...]

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Unused Charity Vouchers

January 20, 2011

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Today TaxMama hears from Alice in the TaxQuips Forum with an interesting concept.  “As a non-profit organization we receive contributions from members and for their generosity we give them vouchers (with dollar amounts) that they can redeem for future events. My question is if we write off these old unused vouchers in our books, can these [...]

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Donating Real Estate

November 22, 2010

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Today TaxMama hears from Peggi in the TaxQuips Forum, with this problem. “I have a rental house that is in a distressed area.  I cannot get it rented, it keeps getting broken into.  I can donate the house to the LRA for a tax credit.  Would this be more beneficial than trying to sell it [...]

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