At year-end, taxpayers are often looking for ways to make charitable gifts to whittle down taxable income and save dollars come tax time. This year, it’s even easier: there’s an above-the-line charitable donation deduction in 2020 which means that you can benefit from a charitable giving even if you don’t itemize your deductions. Others may…
For federal income tax purposes, if you claim a charitable deduction for an item or group of similar items of donated property worth more than $5,000, you must get a qualified appraisal signed and dated by a qualified appraiser. So what does that mean? A qualified appraisal is an appraisal document that: Is made, signed,…
(Note: Updated March 24, 2020) If you’re like me, you’re self-quarantining – perhaps with your family – in your home in response to COVID-19. It’s a weird new normal. And for many, it’s an anxious time. But as we worry about the health – physical and financial – of our friends and family, most of…
It’s Fix the Tax Code Friday! Charitable deductions have been limited to taxpayers who itemize their deductions rather than claim the standard deduction. With the doubling of the standard deduction under the Taxpayers Cuts and Jobs Act, fewer taxpayers itemize their deduction. That means that fewer taxpayers have a tax incentive to make a charitable…
It’s a wrap! Thanks to everyone who submitted charities for my 12 Days Of Charitable Giving 2018. If you submitted your favorite charity this year and you don’t see it on the list, please try again next year. Here’s the complete list for 2018: The Women’s Tax Resolution Center, Inc. America’s VetDogs First Book The…
A tax deduction for charitable giving isn’t guaranteed just because you’re feeling generous. As with everything in tax law, it’s important to follow the rules, and with tax reform, those rules are changing. Here are 14 tips for making your charitable donation count: 1. Itemize. To claim a charitable deduction on your tax return, you must…
It’s Ask The Taxgirl! Today: can you claim a charitable deduction on your taxes if you give away free stuff on Craigs List?
Feeling generous? Here are 12 tips to keep in mind to make sure your charitable donations are tax-deductible.
You can deduct money donated to charity but not the value of your time – even if you can put a dollar figure on it. That, according to Rep. Dave Loebsack (D-IA), ought not be the case for all volunteers. This month, Rep. Loebsack, together with Rep. David McKinley (R-WV), introduced H.R. 5811, Volunteer Emergency…
It’s the ninth day of our 12 Days of Charitable Giving. Our featured charity, Ride for Reading, delivers books to children in underserved communities… by bicycle!