Business Tax Recovery Logo


Charitable Deduction Information Salem OR

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.

H&R Block
(503) 363-1585
1361 LANCASTER drNE
SALEM, OR

Data Provided by:
Northwest Tax & Bookkeeping
(503) 585-6948
750 Hawthorne Ave NE
Salem, OR

Data Provided by:
Cornerstone Tax & Financial
(503) 363-3786
1084 Liberty St SE
Salem, OR

Data Provided by:
H&R Block
(503) 390-6622
2927 NE BROADWAY ST STE 150
SALEM, OR

Data Provided by:
Mr Z's Tax Svc
(503) 393-5725
4795 River Rd N
Keizer, OR

Data Provided by:
Mayer Financial Group
(503) 585-1393
2367 State St Ste 30
Salem, OR

Data Provided by:
H&R Block
(503) 585-5264
1361 LANCASTER DR
SALEM, OR

Data Provided by:
Jackson Hewitt
(503) 585-4663
3771 Commercial St. SE
Salem, OR

Data Provided by:
Max Refund Tax Svc
(503) 393-2141
4947 River Rd N
Keizer, OR

Data Provided by:
Jackson Hewitt
(866) 634-1040
3832 River Rd North
Keizer, OR

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 Oregon shared their opinions about Government
Was the service you received worth the fee you paid?
Yes: 50%
No: 50%
What are the reasons you have not consulted an IRS settlement/mediation service?(Select all that apply)
Cannot afford it: 6%
Do not need it: 81%
Think it is a scam: 0%
Do not know what that is: 12%
Not sure: 0%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 50%
No: 18%
Need more information: 31%
Source: Survey.com