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Charitable Deduction Information Logansport IN

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.

Denny's Tax Svc
(574) 753-2323
314 Burlington Ave
Logansport, IN

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Jackson Hewitt
(574) 583-4919
109 W Rickey Road
Monticello, IN

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Mr. Mark A. Cade (RFC®), CFP, RHU
(317) 215-2473
7320 US 31 South
Indianapolis, IN
Company
Cade Group, Inc./The Financial Junction
Qualifications
Education: BS from Ball State University
Years of Experience: 30
Membership
IARFC, FPA, NAIFA
Services
Invoice, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Asset Protection, BuySell, Compensation Plans

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Mark S. Dahlenburg (RFC®), CHFC, CLU, LUTCF
(765) 447-1302
3721 Rome Drive Suite B
Lafayette, IN
Company
Financial Planning Consultants, Inc.
Qualifications
Years of Experience: 27
Membership
IARFC, FPA, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Business Coach, Charitable Planning, BuySell, Compensation Plans

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Liberty Tax Service
(866) 871-1040
3600 E Main St # 2
Richmond, IN

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Jackson Hewitt
(574) 722-4459
3029 E. Market Street
Logansport, IN

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Mr. Brian P. Austin (RFC®), CFP
(317) 818-9365
3850 Priority Way South Dr Ste 118
Indianapolis, IN
Company
Poteet, Virt, Austin & Associates
Qualifications
Years of Experience: 11
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Business Coach, Charitable Planning, Education Plan, Healthcare Accounts, Asset Prot

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Mr. Curtis H. Robertson (RFC®), CLU
(317) 843-5577
111 Congressional Blvd., Suite 114
Carmel, IN
Company
Integrated Investment Strategies, Inc.
Qualifications
Education: BS in Business from Indiana University
Years of Experience: 43
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Collectable Coins , Precious Metals, Annuities, Life Insurance, Long Term Care Insurance, Charitable Planning, BuySell

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Barbara L. Walker (RFC®), CSA
(812) 283-0727
222 Pearl St #105
New Albany, IN
Company
B&M Walker Enterprises, Inc.
Qualifications
Education: B.A.
Years of Experience: 23
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation

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Liberty Tax Service
(866) 871-1040
110 N State Road 267
Avon, IN

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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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