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Charitable Deduction Information Winston Salem NC

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
(336) 722-1043
1485 NEW WALKERTOWN RD
WINSTON SALEM, NC

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Liberty Tax Service
(866) 871-1040
3601 N Patterson Ave
Winston Salem, NC

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Taxaco
(336) 661-1770
3507 NE Patterson Ave
Winston Salem, NC

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Gatewood Hughey & Company
(336) 724-4446
2000 W 1st St # 411
Winston Salem, NC

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Jackson Hewitt
(336) 760-1530
313 Jonestown Rd
Winston Salem, NC

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Liberty Tax Service
(866) 871-1040
1111 Silas Creek Pkwy
Winston Salem, NC

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Jackson Hewitt
(336) 724-1242
1081 Silas Creek PKWY
Winston-Salem, NC

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H&R Block
(336) 784-9383
3541 pkwyVILLAGE circle
WINSTON SALEM, NC

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Jackson Hewitt
(336) 289-5977
4472 Wallburg Landing Drive
Winston Salem, NC

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Liberty Tax Service
(866) 871-1040
3290 Silas Creek Pkwy
Winston Salem, NC

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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
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