Can I Deduct Cash Put Into the Collection Plate at Church?
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.”
Basics of Form 8283
Form 8283 is used to report non-cash charitable donations over $500.
Deducting Business Charitable Contributions
Let’s look at how to account for charitable contributions made through your business.
Donating Professional Time to Charity
The bottom line with it is, you can’t deduct the value of your donated time.
Iowa Deduction for Charitable Mileage
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 […]
Do I Need a Receipt for Charitable Contribution Less than $250?
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.
Glossary: Itemized Deductions
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.
Reminder: There’s No Such Thing as a $500 Non-Cash Charitable Contribution “Standard Deduction”
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.”
Proper Documentation of Charitable Contributions
Questions often arise about how to properly document charitable contributions. Here’s a brief overview.
Are Discounts Given to a Not-for-Profit Deductible?
The short answer is, there’s really no special documentation you need, because it’s technically not a charitable deduction.