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Charitable Deduction Information Surprise AZ

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.

Mr. Jeffrey D. Carter (RFC®), CSA, LUTCF
(623) 933-9500
10451 W. Palmeras Drive
Sun City, AZ
Company
Smart Financial Strategies, Inc.
Qualifications
Years of Experience: 22
Membership
IARFC, SCSA, NAIFA
Services
Invoice, Estate Planning, Trustee Service, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Charitable Foundations, Asset Protection, Compensation Plans

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Jackson Hewitt
(623) 474-3038
13954 W Waddell Rd
Surprise, AZ

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H&R Block
(623) 875-6111
12550 W THUNDERBIrdrdSTE 104
EL MIRAGE, AZ

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H&R Block
(623) 933-6912
10753 GRAND Ave
SUN CITY, AZ

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H&R Block
(623) 979-3821
7071 N 138TH AVE BLDG 1540
GLENDALE, AZ

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H&R Block
(623) 584-6377
15411 W WADDELL rd
SURPRISE, AZ

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H&R Block
(623) 975-7583
14455 W GRAND AveSTE 106
SURPRISE, AZ

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Accurate-Leigh-Done
(623) 561-6172
10327 W. Coggins Dr. #2
Sun City, AZ
 
Sun City Home Tax Svc
(623) 974-6036
14656 N Del Webb Blvd
Sun City, AZ

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H&R Block
(623) 451-0671
28455 N VISTANCIA BLVD
PEORIA, AZ

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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 Arizona 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: 18%
Do not need it: 59%
Think it is a scam: 3%
Do not know what that is: 22%
Not sure: 3%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 37%
No: 14%
Need more information: 48%
Source: Survey.com