Cell Phone Donation Information Pikeville KY
Financial Concepts, Inc.
Years of Experience: 8
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Company: Cornerstone Wealth Management
Investment Advisor Rep: Yes
University of Kentucky
Bachelor of Arts in Education
Bachelor of Business Administration
Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Fee Only Portfolio Management,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicaid,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidatio
Company: C Risher Financial, LLC
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Registered Investor: Yes
Years Experience: 10
Wealth Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Long-Term Hea
Millard Advisory Group
Education: Bachelor of ScienceMaster of Business AdministrationFinanceTax
Years of Experience: 13
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Cell Phone Donation Information
Whether you've picked up something new or just have an old cell phone, do you know you can donate it? Here's a primer on getting a tax deduction when you donate a phone.
There are currently well over 100 million cell phones in the United States. Millions of them are sitting in desks and closets, having been replaced by newer versions. Cell phones contain materials that are very toxic when they degrade, which is leading to an environmental problem. Many people know this, but aren't sure what to do with old cell phones. Well, you can donate a phone.
If you want a tax deduction when you donate a phone, you must donate it to a charitable organization. Legitimate charities are designated as 501(c)(3) organizations with the IRS, and will say as much in their paperwork. Most charities will accept just about anything if it can be converted into cash. You phone counts as such a thing.
When you donate a phone to a qualified charity, you can take a deduction. Generally, the deduction is the amount you paid for the phone reduced by 20 percent for each year of use. This is a general rule of thumb, so check with your tax professional to see if the IRS has issued any new guidelines. As always, make sure you get a receipt for the donation.
Before you charge ahead with your donation, make absolutely sure you've erased your data from the phone. Most manufacturers provide information on how to do this for particular models. Don't worry, it isn't difficult.
When you do...