Business Tax Recovery Logo


Charitable Deduction Information Olathe KS

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.

Jason Black
9308 Mohawk Lane
Leawood, KS
Company
Title: President
Company: Evimero Wealth Management
Type
Registered Investor: Yes
Education
Kansas State University/Bachelors of Science Business
Years Experience
Years Experience: 17
Service
Wealth Management,Annuities,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,CD Alternative,Life Insurance,Investment & Portfolio Management,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Individual Income Tax Planning,Disability Insurance,Retirement Planning,Investment Consulting & Allocation Design,Insura

Data Provided by:
Jackson Hewitt
(913) 768-9829
16559 W 151 Street
Olathe, KS

Data Provided by:
McAuley & Crandall PA
(913) 239-9130
13200 Metcalf Ave Ste 130
Overland Park, KS

Data Provided by:
H&R Block
(913) 884-4495
1725 E SANTA FE ST
GARDNER, KS

Data Provided by:
JK Harris&Company Tax Representation Firm-Call Now
(800) 621-0536
7500 W. College Blvd, 5th floor
Overland Park, KS

Data Provided by:
Olathe Block Llc
(913) 764-3494
825 E Kansas City Rd
Olathe, KS

Data Provided by:
Jackson Hewitt
(816) 984-5256
13507 W 87th Street Parkway
Lenaxa, KS

Data Provided by:
Barber Financial Group
(913) 393-1000
13550 W. 95th St.
Kansas City, MO
 
Liberty Tax Service
(866) 871-1040
1819 E Santa Fe St
Gardner, KS

Data Provided by:
Marks Nelson Vohland Campbell Radetic LLC
(913) 498-9000
7701 College Blvd., Ste. 150
Overland Park, KS
 
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 Kansas shared their opinions about Government
Was the service you received worth the fee you paid?
Yes: 100%
No: 0%
What are the reasons you have not consulted an IRS settlement/mediation service?(Select all that apply)
Cannot afford it: 0%
Do not need it: 66%
Think it is a scam: 0%
Do not know what that is: 33%
Not sure: 0%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 33%
No: 16%
Need more information: 50%
Source: Survey.com