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Charitable Deduction Information Columbia TN

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.

Wells Accounting And Tax Services
(931) 381-7258
604 N High St
Columbia, TN

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Stivers Business Solutions
(615) 767-6621
P.O. Box 455
Columbia, OK
 
Springhill Tax Service
(931) 486-3380
5326 Main St
Spring Hill, TN

Data Provided by:
Larry Daniels
8966 Dayton Pike
Soddy Daisy, TN
Company
Title: Financial Advisor / Agent
Company: Mountain Wealth Management
Type
Registered Investor: Yes
Education
BS Business Administration University of Tennessee
Years Experience
Years Experience: 25
Service
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,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strat

Data Provided by:
Mr. Matthew D. Yokie (RFC®), CEP, CSA
(901) 853-5507
10928 E Shelby Dr
Collierville, TN
Company
Provident Retirement Advisors
Qualifications
Education: BA
Years of Experience: 15
Membership
IARFC, SCSA, SCRFA, NICEP
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection

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Brown & Maguire CPA's PLLC
(931) 388-3008
502 N Garden St # 208
Columbia, TN

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Liberty Tax Service
(866) 871-1040
1202 S James Campbell Blvd
Columbia, TN

Data Provided by:
Sullivan Michael CPA
(931) 270-6715
655 N Ellington Pkwy
Lewisburg, TN

Data Provided by:
Roger Graham
2400 Crestmoor Rd
Nashville, TN
Company
Title: Vice President
Company: Financial Strategies Inc.
Type
Investment Advisor Rep: Yes
Education
University of North Carolina - BS Business Administration
California State University Sacramento - MBA
Years Experience
Years Experience: 27
Service
Wealth Management,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Fee Only Portfolio Management,Life Settlements,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Pl

Data Provided by:
Nicholas H. Meriwether (RFC®), CHFC, CLU
(931) 358-3961
662 Sango Rd Ste A
Clarksville, TN
Company
Financial Planning Center, LLP
Qualifications
Education: Hopkinsville High School, American College
Years of Experience: 29
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Charitable Planning, Asset Protection, BuySell, Compensation Plans

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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 Tennessee shared their opinions about Government
Was the service you received worth the fee you paid?
Yes: 50%
No: 50%
What are the reasons you have not consulted an IRS settlement/mediation service?(Select all that apply)
Cannot afford it: 12%
Do not need it: 56%
Think it is a scam: 18%
Do not know what that is: 18%
Not sure: 12%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 43%
No: 12%
Need more information: 43%
Source: Survey.com