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How much can you deduct for the gently used goods donated to charity?

Without a doubt one of the best ways for us middle-class folks to reduce our income tax burden is to donate charitably with intent. Most of my clients find themselves pleasantly surprised at the tax benefits received when they go

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Posted in Charitable Contribution, Deductible Expense

Year End Tax Planning Starts with a Charitable Donation Assessment How Do You PLAN to Give Back Next Year?

The more money we tend to have, the harder it tends to be to share our resources with others. This is true up to the point we start to appreciate the significance of giving back. For many this tipping point

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Posted in Charitable Contribution

General Tax Benefits of Charitably Giving

Warren Buffet released certain claims made on his 2015 personal income tax return in a statement released by Business Wire, A Berkshire Hathaway Company. It is worth noting his remarkable generosity. Check out these figures: adjusted gross income - $11,563,931

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Posted in Charitable Contribution

Types of Charitable Contributions and the Most Common Way a Charitable Contribution Can Be Made

While working on the St. Peter 2016/17 Stewardship Campaign it became very clear to me that some very smart endowed good people simply do not know about the various types of charitable contributions that can be created or even simply how

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IRS Publication 526 – Charitable Contributions

This post is a brief review of IRS Publication 526. Basically if your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Don't get duped.  You cannot deduct contributions made to specific individuals, political

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Posted in Charitable Contribution

Is My Charity Legitimate with the IRS

Now is a GREAT TIME OF YEAR TO MAKE A CHARITABLE DONATION if you are so fortunate. When you make a donation to a charity you may be able to take a deduction for it on your tax return as

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Posted in Charitable Contribution, Gift Tax, Taxable Income

Trusts and Charitable Contributions CCA 20104202

Under IRC §170(c)(2)(A) generally speaking when a trust uses its income to buy an asset and in a later year gives that asset to a charity it is allowed a charitable deduction. Chief Counsel Advice 20104202 stipulates however that if the deduction was

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Posted in Charitable Contribution, Trusts

Charitable Donations – Tax Tips

Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization and most will be able to tell you. Charitable contributions are deductible only if you itemize deductions using

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Posted in Charitable Contribution

Tips for Year End Donations

WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following: Special Charitable Contributions for Certain IRA Owners This

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Posted in Charitable Contribution

Payment to religious schools ruled non deductible

The Ninth Circuit affirmed the Tax Court (125 T.C. 281 (2005)) in holding that a couple's tuition and fee payments to their children's Jewish day schools do not qualify for the charitable deduction because they received a substantial benefit from

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Posted in Charitable Contribution
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