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Charitable Deduction Information Bristol RI

In the rush to get tax returns prepared and filed, many people absentmindedly forget to include deductions for contributions to charities. If you itemize deductions on your tax return, this can be an expensive omission. Before claiming your deduction for donations, there are a couple of things to keep in mind.

Gayle M. Jendzejec (RFC®), CEP, CLU
401 821 0080 x12
875 Centerville Rd Bldg 1-B
Warwick, RI
Company
College Advisors Group, LLC
Qualifications
Years of Experience: 25
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

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Liberty Tax Service
(866) 871-1040
576 Metacom Ave
Bristol, RI

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H&R Block
(401) 245-7617
75 CHILD ST
WARREN, RI

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Fedelia Roger A
(401) 822-4050
643 East Ave Ste 203
Warwick, RI

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Liberty Tax Service
(866) 871-1040
1851 Post Rd
Warwick, RI

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Mr. Michael W. Aragao (RFC®), MBA
(401) 475-7570
2374 Diamond Hill Rd #3B
Cumberland, RI
Company
M.W. Aragao Investment Advisors
Qualifications
Education: BSBA, MBA
Years of Experience: 10
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, personal Coach, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, CD Banking, Annuities, Life Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

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H&R Block
(401) 253-1249
356 WOOD ST
BRISTOL, RI

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Liberty Tax Service
(866) 871-1040
818 Pleasant St
Fall River, MA

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Fiduciary Tax Resources Llc
(401) 739-8400
1000 Greenwich Ave
Warwick, RI

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H&R Block Inside Lakeside Square
(401) 437-1251
220 WILLETT AVE
RIVERSIDE, RI

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Charitable Deduction Information

IRS Charitable Deductions

The tax code in the United States contains many provisions to promote certain behavior. One area of behavior is the promotion of donating to charities through IRS charitable deductions.

In the rush to get tax returns prepared and filed, many people absentmindedly forget to include deductions for contributions to charities. If you itemize deductions on your tax return, this can be an expensive omission.

Pursuant to relevant provisions of the tax code, you can take significant deductions if you donate money or goods to a qualified charity. A qualified charity is one that is registered with the IRS as a 501c3 entity. The 501 designation refers to the relevant section of the tax code.

Importantly, not all charitable organizations are qualified with the IRS. You can go to the IRS web site and search through a list to see if a particular group is included. If they are not, red flags should go be raised.

Before claiming your deduction for donations, there are a couple of things to keep in mind:

1. Politics - You may feel strongly about certain political ideologies, issues or candidates. You can contribute to the causes, but you can't deduct the contributions as charitable giving.

2. You can only deduct contributions actually made for the year in question. If you forgot to claim donations on your tax return for the 2009 year, you cannot claim them on a 2010 return. Instead, you should go back and amend the 2009 return.

3. If you make a contribution for a good or service, you can only deduct the amount you contribute which is in excess of the fair market value of the good or service. For instance, many charitable groups will hold auctions to raise money. If your winning bid for a two night hotel stay is $800, you can claim a deduction for the bid amount minus the normal cost. You cannot just write off $800.

4. In general, donations of stock or property should assigned the fair market value, not an arbitrary figure based ...

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