Cell Phone Donation Information Travelers Rest SC
Rogers Financial Group,L.L.C.
Years of Experience: 45
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Compensation Plans
Fee-Only Comprehensive Financial Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal
Travelers Rest, SC
Financial Management Group
Years of Experience: 28
IARFC, MDRT, NAIFA
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans
Foothills Financial Group, Inc.
Years of Experience: 19
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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 Millions of them are sitting in desks and closets, having been replaced by newer versions.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...