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Personal Finance
We are dedicated to keeping clients abreast of the latest developments and tax-saving strategies. This section includes a library of hundreds of timely articles about business, taxes, finances, trends and the like. The articles are categorized by subject matter, which can be accessed from the links. Click on your topic of interest and find a wealth of information.
CHARITABLE CONTRIBUTIONS
This section explores some of the special rules that apply to charitable contributions, including deductions, non-cash contributions, car donations, etc. The latest tax law changes that were recently passed are also discussed. Use this information to help you make the most of your contributions.
- Deduction Tips for Contributors to Haiti Relief Effort
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Haiti Contributions Deductible on 2009 Return - Congress has passed a bill (HR 4462) to permit taxpayers contributing to Haitian relief charities to elect to treat contributions made after Jan. 11, 2010, and before Mar. 1, 2010, as if the contributions...
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- Tax-Free IRA to Charity Distributions May Be Extended
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A provision that permits taxpayers age 70½ and over to make direct distributions (up to $100,000) from their IRA account to a charity was available in 2008 and 2009. The distribution is tax-free, but there is no charitable deduction. This provision...
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- Special Rules for Car Donations
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Congress has imposed tough rules that substantially limit the deduction for this charitable donation.
It is common practice for charities to immediately resell the donated vehicles to a wholesaler at substantially reduced prices, generally far less than...
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- What is a Charitable Organization?
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Money or property that you donate to "qualified" charitable organizations can be included in your itemized deductions as a charitable contribution. But what is a "qualified" charity? IRS Publication 78 lists all qualified organizations.
Churches, synagogues,...
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- Charitable Away-From-Home Travel
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Charitable deductions are allowed only for travel expenses (meals and lodging included) by volunteers who do charitable work for their organization while away from home on the charity's behalf. Unlike other areas of taxes, meals are not subject to the...
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- Tax Breaks for Charity Volunteers
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If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the...
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- Charitable Contribution Substantiation Rules
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Cash Contributions - Cash contributions, regardless of the amount, must be substantiated with a bank record or written communication from the donee showing the name of the charitable organization, date and amount of the contribution.The recordkeeping...
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- Deduction Limits
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Charitable deductions are limited by income depending upon the type of contribution. Contributions in excess of the deduction limits described (1), (2), and (3) below, may be carried forward for five years. An amount can be carried over even though an...
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- Foreign Charities
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Generally, no deduction is permitted for contribution to a foreign charity. However, that does not include contributions to U.S. Charities that perform part of their charitable function outside the U.S. An exception to this rule is Mexican, Canadian and...
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- Non-Cash Contributions
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Downloadable Forms: Noncash Contribution Statement IRS Form 8283 (Gifts over $5,000)
When you give away household items like clothing, appliances and other goods to a qualified charity, your generosity can add up to a tax write-off if you itemize your...
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- Personal Benefits Not Deductible
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Givers may deduct contributions of cash or property, but only to the extent they received no personal benefit from the donation. Often, the IRS attributes at least some (if not total) personal benefit to amounts expended for items like dinner tickets,...
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- Property Donations
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In addition to noncash charitable contributions, taxpayers can make certain donations of property as outlined below.
Gifts of appreciated capital-gain property held for more than 12 months are subject to special rules. This type of property includes...
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