How do amounts given to the charitable checkoffs affect the federal tax return as to the following two scenarios: 1) Being taxed on your Iowa tax refund, and 2) Deducting any Iowa taxes owed?
Are donations to a 501(c)(4) deductible. Generally the answer is no for individuals, and “maybe” for businesses.
Something that a lot of taxpayers (and tax preparers — including me) in Iowa often overlook is the “charitable checkoffs” a taxpayer can make on their Iowa tax return. Taxpayers can choose to donate money on their Iowa return to these causes: Fish and Wildlife: donations made here go towards Iowa’s Wildlife Diversity Program, which […]
Taxpayers may be able to deduct miles driven for charity.
Can you deduct donations to a 501(c)(4). In general, the answer is no.
Extreme Couponers; Charitable Deduction Issues; Summer Camp; Cell Phones as Listed Property — Ask Jason
DISCLAIMER: The answers to questions in this segment are intended to be general in nature and do NOT constitute tax advice. Please contact a tax advisor to discuss your unique situation. All of these questions have come from web visitors recently: Q: Do “extreme couponers” pay tax? A: Depends on what you mean by “tax.” […]
A Tax Court case on Wednesday serves as a reminder of the importance of the recordkeeping requirements for claiming deductions for charitable contributions. The taxpayer in the case lost a $660 charitable deduction for not following all the requirements. What Are the Requirements? The tax code and regulations require taxpayers to keep documentation of charitable […]
My wife and I were watching a marathon of the TV show “Extreme Couponing” last weekend. Aside from wondering what someone could possibly do with 114 boxes of Excedrin PM and more than 90 bags of croutons, my mind of course was thinking about taxes. What are the tax implications to people who take “couponing” to […]
The Iowa legislature has finally enacted tax provisions that affect 2010 tax returns. Most of the coverage has focused on Section 179 expense limits, but there are other provisions that are affected, which may cause the need to file an amended return. Luckily, the changes involve deductions that Iowans are now entitled to, thus resulting […]
I spent quite a bit of time in December talking about charitable contributions and the deductions that taxpayers can take for those contributions. Today, I’m going to talk about several tax credits that are available for certain charitable contributions made by Iowans. School Tuition Organization Tax Credit Certain donations made to “School Tuition Organizations” may be eligible […]