There are 39 days left until the end of the year. That means you have just a little over a month to whittle down your taxable income. Sure, you could buy your entire staff a set of taxgirl mugs for the holidays – or you could make a nice charitable donation. It’s the “feel good”…
It has been a grim year for most charitable organizations over the past two years. Giving has been down markedly, with gifts in 2008 representing the largest dip in charitable giving (-5.7%) in more than five decades. That’s why the total amount of donations made to various relief agencies in Haiti is fairly mind-boggling. According…
Taxpayer asks: What is it that you need to show you gave things to Goodwill or your school other than a statement from them to that effect? My lady said something I do not understand. Is there some special form they have to fill out or what? Thanks. Oh yea I saw you on AOL….
Years ago, small tax exempt organizations had it easy. So long as they raised less than $25,000 in a calendar year, they general didn’t have to file an informational return with IRS. Easy. That all changed in 2006. The Pension Protection Act of 2006 made it mandatory for most tax-exempt organizations to file an annual…
If you were to make a list of things about me and things about my mom, you’d notice a lot of differences. She lives in the south and likes rodeos, westerns on AMC, and Christmas sweaters. Me? I live up north and I like baseball games, quirky British comedies and I wear a lot of…
In the tradition of tax years past, it’s the season to talk about charitable contributions! Charitable donations are an excellent way to reduce your tax burden for the year, all while doing something for the greater good. But as with everything in tax law, there are rules that need to be followed. For one, you…
Taxpayer asks: The PTA 501(c)(3) at my son’s local public elementary school sponsors a language and a chess class. Is the tuition we paid for these classes considered a charitable contribution? Taxgirl says: Probably not. You generally can’t deduct the cost that you pay for goods or services provided by a charitable organization. There is…
Taxpayer asks: Can you tell me what the tax implications are for donating inherited items? My mother passed away about a year ago and I’m the executor of the estate. Now, my siblings are interested in taking deductions for items they feel they “inherited,” yet were actually immediately donated to charity without my siblings ever…
Taxpayer asks: Hi Taxgirl, Like many women this year, I got married and now I would like to donate my dress to charity. What do I need to do for tax purposes? I paid 1000 for it new and only wore it once. It is in good condition. Do I need it appraised? I still…
Taxpayer asks: My wife is a Girl Scouts Leader. Is all of her time and contributions to the troop tax deductible? If so, how? Taxgirl says: Okay, the bad news first: the value of your time spent volunteering for charitable organizations is never deductible. Ever. But there is good news! Out of pocket expenses relating…