Charitable giving, nonprofit tax rules, and what donors and organizations need to know to give (and receive) the right way.
The American Red Cross Board of Governors has announced that Mark W. Everson, currently serving as Commissioner of Internal Revenue Service, will become the next president and CEO of the Red Cross, effective May 29, 2007. Mark Everson has served as the 46th Commissioner of the Internal Revenue Service since May 5, 2003. He was…
Taxpayer asks: Last year I donated a painting that I created to our local church. I sold a similar painting through a gallery around the same time for $1000. Can I skip an appraisal and just use that the value for my charitable deduction on my tax return? Taxgirl says: Around this time of year,…
Taxpayer asks: Hi,I rescue stray cats and take them to my vet to get them fixed. Can I deduct vet bills, disinfectant, feed and so on from my Income Tax Return? Thanks. Taxgirl says: Good question, but unfortunately the answer is no. You can’t deduct charitable acts like helping out animals, giving a homeless person…
Mileage rates. I got to it, okay? Yes, this is #1 question I’ve been asked for the 2006 tax year. Take a deep breath. Here are the rates: The standard mileage rate for business use of a car, van, pick-up or panel truck is 44.5 cents per mile. The standard mileage rate for the cost…
Taxpayer asks: I would like some help to finding a web site that could help me find amount that your can use for charitable items such as clothes and household items. We sold our house this year and really down sized to what we are taking. For example I gave 42 shirts to a nonprofit…
NCAA President Myles Brand has (finally) responded to the ongoing inquiry into the tax-exempt status of the organization in a 25-page letter posted on the organization’s web site. The response initially had an October deadline – I guess somebody forgot to tell the folks in Committee that it’s college football season. You can’t expect a…
Following up on my recent post about the NCAA, college sports and tax-exempt status, take a look at this tidbit in USA Today which reports college coach salaries. I’ll bet Jim Tressel thinks his approximately $500k advantage over Lloyd Carr is worth it following this weekend’s Ohio State-Michigan game… Of course, that begs the question,…
In addition to this being the time of the year when 501(c)(3) organizations come calling for charitable contributions of cash, it’s also the season for making donations of goods. Most commonly, that tends to be clothing and household items. I know from personal experience since I have three full bags of “gently worn” maternity and…
I received four charitable solicitations this week: one from my daughter’s school, one from my college, one from my law school and one from a local museum. No, word hadn’t gotten out about my new blogging gig, charitable organizations come calling about this time every year – and why not? Despite all of the signs…
It’s Fix the Tax Code Friday! Traditionally, charitable deductions have been limited to itemizers (meaning those who opt to take the itemized deduction rather than rely on the standard deduction). From time to time, Congress has considered extending the deduction to non-itemizers as a credit. This week’s question: If Congress did extend the deduction to…