Business Tax Recovery Logo


Charitable Deduction Information Hayden ID

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.

Brian Burks, MBA
5660 East Franklin Rd. Suite #130
Nampa, ID
Company
Title: Managing Partner
Company: Burks Wealth Management
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
U of Idaho/B.S. - Marketing
Boise State University - MBA
Years Experience
Years Experience: 15
Service
Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Annuities,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income

Data Provided by:
Liberty Tax Service
(866) 871-1040
1811 S Lincoln Ave
Jerome, ID

Data Provided by:
Liberty Tax Service
(866) 871-1040
1735 W Broadway St
Idaho Falls, ID

Data Provided by:
H&R Block
(208) 745-6539
186 E MAIN ST
RIGBY, ID

Data Provided by:
Fast Tax Plus
(208) 887-1817
13965 W Chinden Blvd Ste 110
Boise, ID
 
Liberty Tax Service
(866) 871-1040
1563 Fillmore St # 2e
Twin Falls, ID

Data Provided by:
H&R Block
(208) 934-9203
342 MAIN ST 3
GOODING, ID

Data Provided by:
Liberty Tax Service
(866) 871-1040
3929 Overland Rd
Boise, ID

Data Provided by:
Wilcox Garth
(208) 356-7686
70 N Center St # 1
Rexburg, ID

Data Provided by:
H&R Block
(208) 734-8768
975 WASHINGTON ST S
TWIN FALLS, ID

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 Idaho shared their opinions about Government
Was the service you received worth the fee you paid?
Yes: 0%
No: 0%
What are the reasons you have not consulted an IRS settlement/mediation service?(Select all that apply)
Cannot afford it: 66%
Do not need it: 66%
Think it is a scam: 33%
Do not know what that is: 100%
Not sure: 0%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 0%
No: 33%
Need more information: 66%
Source: Survey.com