Business Tax Recovery Logo


Charitable Deduction Information Haleyville AL

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.

Jackson & Hewitt
(205) 522-1990
2204 11th Ave
Haleyville, AL
Prices and/or Promotions
10% below competer

H&R Block
(205) 993-8297
3443 BROAD ST
PHIL CAMPBELL, AL

Data Provided by:
Jonathan D. Charest (RFC®), CSA, MSFS
(251) 649-2274
4000 Wulff Rd.
Semmes, AL
Company
Charest Company, LLP
Qualifications
Education: BS, MSFS
Years of Experience: 14
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Family Offices, Stocks and Bonds, Mutual Funds, CommOptions, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
J. Charles "Chuck" Dunham
201 Office Park Drive
Birmingham, AL
Company
Company: First Financial Group
Type
Investment Advisor Rep: Yes
Education
Vanderbilt University/BA
University of Alabama Birmingham (UAB)/MBA
Years Experience
Years Experience: 27
Service
Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,401k Rollover From Employer,CD Alternative,Disability 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,Captive Insurance,Pension for Highly Compensated Owners,Income for Life/ Preserv

Data Provided by:
Lee Lawrence
8128 Old Federal Rd.
Montgomery, AL
Company
Title: Financial Consultant
Company: Affinity Partners, LLC.
Type
Investment Advisor Rep: Yes
Service
Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirem

Data Provided by:
Jackson Hewitt
(205) 486-2468
2204 11th Ave
Haleyville, AL

Data Provided by:
Brad Williams
2707 Artie St.
Huntsville, AL
Service
Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Portfolio Engineering,High Yield Bank Accounts,401k Rollover From Employer,Income for Life/ Preserve Principal,Wealt

Data Provided by:
Don G. Charest (RFC®), CHFC
(251) 343-7715
3662 Dauphin St Ste A-1
Mobile, AL
Company
Charest Company, LLP
Qualifications
Education: Champlain College, Burlington, Vt
Years of Experience: 38
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, BuySell, Compensation Plans

Data Provided by:
Mr. Larry C. Ransburgh (RFC®), MBA
(334) 230-6347
3025 Brevard Ave
Montgomery, AL
Qualifications
Education: MBA - FinanceBS - Business EconomicsCertificate in Financial Planning - Kaplan UniversitySeries 6, 7, 66Life and Health Insurance
Years of Experience: 12
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Precious Metals, CD Banking, Life Insurance, Charitable Planning, Education Plan, Charitable Foundations, BuySell, Compensation Plans

Data Provided by:
H&R Block
(334) 566-5547
111 N THREE NOTCH ST
TROY, AL

Data Provided by:
Data Provided by:

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 ...

Click here to read the rest of this article from BusinessTaxRecovery.com

Opinion Corner
Tax Payers in Alabama shared their opinions about Government
Was the service you received worth the fee you paid?
Yes: 88%
No: 11%
What are the reasons you have not consulted an IRS settlement/mediation service?(Select all that apply)
Cannot afford it: 15%
Do not need it: 53%
Think it is a scam: 0%
Do not know what that is: 23%
Not sure: 23%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 61%
No: 7%
Need more information: 30%
Source: Survey.com