Category Archives: Charities

New Law Encourages Cash Donations for Midwest Disaster Relief

IR-2008-133, Nov. 25, 2008 WASHINGTON –– Taxpayers who make qualifying cash contributions for disaster relief efforts in the Midwest could benefit from a recently passed law that suspends the percentage-of-income limits that would normally apply when taxpayers deduct the contributions on their 2008 federal tax returns. Under the Heartland Disaster Tax Relief Act, an individual […]

Mileage to Minister

Today TaxMama hears from Larry in North Carolina, with this dilemma.https://www.calmandgentledentalcare.co.uk/wp-content/languages/new/vardenafil.html “I have a part-time business servicing computers. I have a separate business checking account, file Schedule C, etc. I deduct business miles on a mileage basis. On occasion I do some computer work for my minister back home. It is a 180 mile round-trip. […]

Goodwill Donations

Today TaxMama hears from Mary in Illinois who tells us. “I have donated several items to Goodwill. Is there a website where I can go to see how much the IRS allows for deductions for specific items such as clothing, household goods, etc?”

S Corp Charity

Today TaxMama hears from Diane in Florida who’s very generous. “My friend and I have an LLC.buy canada xifaxan online http://healthinschools.org/wp-content/languages/new/canada/xifaxan.html no prescription We elected to be treated as a sub chapter “S” Corp. We plan to donate 50% of our net profits to charity.buy canada flexeril online http://healthinschools.org/wp-content/languages/new/canada/flexeril.html no prescription Can our LLC make […]

Non Profit Interest

TaxMama s Tax Quips Non Profit Interest – 6/19/08 – Thursday Today TaxMama hears from Roger in North Carolina who needs to know “If a Non-Profit Organization (501C3) has a certificate of deposit, is the interest taxable?”

Tips for Deducting Charitable Contributions

Courtesy of the Internal Revenue Service TT-2008-57 When preparing to file your federal tax return, don’t forget your contributions to charitable organizations. Your donations could add up to a sizeable tax deduction if you itemize on IRS Form 1040, Schedule A. Starting in 2007 to deduct any charitable donation of money, taxpayers must have a […]

Changes to Tax Laws in 2007

Courtesy of the Internal Revenue Service TT-2008-27 Taxpayers should be aware of important changes to the tax law before they complete their 2007 federal income tax forms. Here are some changes that may affect your return. AMT Exemption Increased for One Year. For tax-year 2007, Congress raised the alternative minimum tax exemption to $66,250 for […]

Charity vs Standard Deductions

Today TaxMama hears from Anne in Minnesota, who wants to know, “Can an individual deduct charitable contributions and car donations on tax forms if unable to itemize deductions?” Dear Anne, You are giving away your age. Many, many years ago, in deepest, darkest memory, we used to be able to take charitable contributions deductions without […]

Wish Upon A Hero

Today TaxMama hears from Martha in New Jersey, who found something interesting. “I found a website called www.wishuponahero.com and I bought some clothes for needy people. Is that a tax deductible including shipping?”

Cashing In Donations

Today TaxMama hears from Marie in Texas, with a quick question. “Our church members are donating personal items of jewelry, coins and other valuables.buy furosemide online mannadew.co.uk/wp-content/languages/new/uk/furosemide.html no prescription http://www.redmagicstyle.com/wp-content/languages/new/elavil.html What is the best procedure to turn these items into cash?”

New Rules May Impact Your Charitable Contributions

Did you make a cash contribution to your favorite charity? Have you recently spent a weekend cleaning stuff out of your garage or basement and then donated the items to a local charity? Charitable contributions can be tax deductible, but you must have the proper records to support your deduction. Due to the Pension Protection […]