At first blush, the answer to the question posed in the title of this post would seem to be yes. Unfortunately, the answer is actually “no.”
Form 8283 is used to report non-cash charitable donations over $500.
Let’s look at how to account for charitable contributions made through your business.
The bottom line with it is, you can’t deduct the value of your donated time.
Iowa allows taxpayers to take an extra itemized deduction for charitable mileage. Here’s how it works. Background On federal tax returns, taxpayers who itemize deductions can take a deduction for mileage driven for charitable purposes. The deduction is equal to 14 cents per mile. (Note: this amount is hard-coded into the law by Congress and […]
Question from a client: One of the charities I donate to told me that I don’t need a receipt unless I donate $250 in one year…is this true…even if I get audited? Answer: Yes.
Itemized deductions are an optional deduction taxpayers can take on tax returns for things such as medical expenses, property taxes, mortgage interest, and charitable contributions.
This comes up every tax season and seems to be something people don’t understand. On Schedule A, for itemized deductions, there’s no such thing as a “$500 standard deduction for non-cash charitable contributions.”
Questions often arise about how to properly document charitable contributions. Here’s a brief overview.
The short answer is, there’s really no special documentation you need, because it’s technically not a charitable deduction.