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Charitable Deduction Information Cloquet MN

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.

Income Tax & Consultants
(218) 727-0164
515 E 4th St
Duluth, MN

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David L. Hurry (RFC®), MBA
(651) 653-6887
8945 Hwy 5 Suite A
Lake Elmo, MN
Company
Heartland Capital Management
Qualifications
Education: BA, MBA
Years of Experience: 10
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

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Terry Nelson, CFP MS
1957 Lake Street
Roseville, MN
Company
Title: CFP, Investment Advisor
Company: Hometown Financial Planning
Type
Registered Investor: Yes
Education
College for Financial Planning - Masters Degree
MSU - BA in Finance
Eau Claire - Law Enforcement
Years Experience
Years Experience: 24
Service
Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Planning For Personal Finances & Budgeting,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,401k Rollover From Employer,Income for Life/ Preserve Princip

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Nathan Running
4021 Vernon Ave South
Saint Louis Park, MN
Company
Title: Wealth Advisor
Company: Running Wealth Management, Inc.
Type
Investment Advisor Rep: Yes
Education
Montana State University, BS Business Management and Economics
Years Experience
Years Experience: 12
Service
Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Retirement Income Distribution Planning,Individual Income Tax Planning,Disability Insurance,Retirement Planning,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,Medicare Planning,Annuities,Alternative Asset Class Planning,Commission-Only Financial P

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Bergstrom Tax Service
(612) 722-5166
1529 E 46th St
Minneapolis, MN
 
Mr. Bryan J. Polley (RFC®), CFP
(651) 639-8707
1900 Silver Lake Rd Ste 314
New Brighton, MN
Company
Counsel Wealth Management, Inc.
Qualifications
Education: Bachelor of Science degree in business management from the Carlson School of Management
Years of Experience: 8
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Precious Metals, Annuities, Life Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Asset Protection, BuySell, LiabCover

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Lisa Schurhammer
1700 2nd Ave No
Sauk Rapids, MN
Company
Title: President
Company: Retirement America, LLC
Type
Investment Advisor Rep: Yes
Service
Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,Medicare Planning,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income Tax Planning,Wealth Management,Annuities,Alterna

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Mr. James Dean Goedtke (RFC®), CSA
(507) 836-8844
2648 Broadway Ave.
Slayton, MN
Company
Investors Choice Financial Services Inc.
Qualifications
Education: BS
Years of Experience: 22
Membership
IARFC, FPA, SCSA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Integrated Tax Solutions Inc Enrolled Agent
(763) 390-6824
800 Bunker Lake Blvd NW
Anoka, MN
 
A Fast Return Wallin Tax
(952) 881-1040
8515 Lyndale Ave S
Minneapolis, MN
 
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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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Opinion Corner
Tax Payers in Minnesota shared their opinions about Government
Was the service you received worth the fee you paid?
Yes: 75%
No: 25%
What are the reasons you have not consulted an IRS settlement/mediation service?(Select all that apply)
Cannot afford it: 25%
Do not need it: 37%
Think it is a scam: 6%
Do not know what that is: 31%
Not sure: 0%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 31%
No: 12%
Need more information: 56%
Source: Survey.com