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Charitable Deduction Information Gresham OR

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.

Stephen Kirkendall
12014 Southeast Mill Plain
Vancouver, WA
Company
Company: Kirkendall Financial Services
Service
Income for Life/ Preserve Principal,Alternative Investments,Investment & Portfolio Management,Retirement Planning,Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,Individual Income Tax Planning,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Annuities,Investment Consulting & Allocation Design,Estate Tax Planning,Asset Protection Strategies & Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Life Insurance,Alternative Asset Class

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Fred King, CFP
The H Group, Inc.
Portland, OR
Company
Company: Fee-Only Financial Planner ("No Commissions")
Type
Registered Investor: Yes
Education
Oregon State University
B.S., Business
Years Experience
Years Experience: 6
Service
Wealth Engineering,Income for Life/ Preserve Principal,Medicare Planning,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Pl

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David's Star Tax & Facts Inc
(503) 491-9702
500 NW 20th St
Gresham, OR

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Landmark Tax & Investment Services Inc.
(503) 491-1000
415 NE 4th St.
Gresham, OR
 
Business Services Northwest
(503) 666-6223
999 NW Frontage Rd Ste 160
Troutdale, OR

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Harold D. West (RFC®), CLU
(503) 597-2700
5285 Meadows Rd Ste 148
Lake Oswego, OR
Company
Sumner Financial Group Ltd
Qualifications
Education: MA
Years of Experience: 48
Membership
IARFC
Services
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Annuities, Life Insurance, Charitable Planning, Asset Protection

Data Provided by:
Liberty Tax Service
(866) 871-1040
1865 Ne Division St
Gresham, OR

Data Provided by:
Jackson Hewitt
(503) 667-6700
790 E. Powell Blvd
Gresham, OR

Data Provided by:
Corry's Tax Svc Ltc
(503) 666-3224
745 NE 239th Pl
Wood Village, OR

Data Provided by:
1040 Express Tax Service
(503) 674-0202
18210 E Burnside St
Portland, OR
 
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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 Oregon 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: 6%
Do not need it: 81%
Think it is a scam: 0%
Do not know what that is: 12%
Not sure: 0%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 50%
No: 18%
Need more information: 31%
Source: Survey.com