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Charitable Deduction Information Pikeville KY

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.

Tackett, John B PSC CPA
(606) 432-8112
693 N Mayo Trl
Pikeville, KY

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Jackson Hewitt
(606) 437-9303
180 Town Mountain Rd Ste 102
Pikeville, KY

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Campbells Tax And Accounting Inc
(606) 886-2030
1938 Ky Route 321 # 3
Prestonsburg, KY

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Mr. David W. Hudson (RFC®), CPAPFS
(859) 219-1601
3306 Clays Mill Rd Ste 102
Lexington, KY
Company
Financial Concepts, Inc.
Qualifications
Years of Experience: 8
Membership
IARFC, AICPA
Services
Invoice, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Business Coach, Education Plan

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Erich Castillo
1008 South Broadway
Lexington, KY
Company
Company: Cornerstone Wealth Management
Type
Investment Advisor Rep: Yes
Education
University of Kentucky
Bachelor of Arts in Education
Bachelor of Business Administration
Service
Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Fee Only Portfolio Management,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicaid,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidatio

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Liberty Tax Service
(866) 871-1040
9773 Millard Hwy
Pikeville, KY

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Varney's Tax Svc Inc
(606) 353-4923
25135 US Hwy 119 N
Belfry, KY

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Liberty Tax Service
(866) 871-1040
13416 Phelps 632 Rd
Phelps, KY

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Mr. Jay H. Millard (RFC®), MBA
(859) 291-0222
408 Fairfield Ave
Bellevue, KY
Company
Millard Advisory Group
Qualifications
Education: Bachelor of ScienceMaster of Business AdministrationFinanceTax
Years of Experience: 13
Membership
IARFC, MDRT
Services
Invoice, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Healthcare Accounts, Asset Protection, Compensation Plans

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Chris Risher
9900 Corporate Campus Dr
Louisville, KY
Company
Company: C Risher Financial, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BBA
Years Experience
Years Experience: 10
Service
Wealth Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Long-Term Hea

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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 Kentucky shared their opinions about Government
Was the service you received worth the fee you paid?
Yes: 80%
No: 20%
What are the reasons you have not consulted an IRS settlement/mediation service?(Select all that apply)
Cannot afford it: 23%
Do not need it: 53%
Think it is a scam: 7%
Do not know what that is: 23%
Not sure: 0%
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