#charitable contribution

Even if the thought of taxes makes your eyes glaze over, you can manage this:

If you take the standard deduction on your IRS return, you can also claim up to $300.00 in cash contributions to charities made in 2020.

There’s a line on the return to enter the number. If you use tax preparation software, this will be one of the questions in it.

So, a bit more money for charity, and a bit less tax due for you.

4 tax breaks for teachers

The flood of education-related tax advice that seems to crest during back-to-school season often centers on students or their parents. But teachers can score a few tax breaks, too — if they do their homework. Three tax pros share their own lesson plans for cutting teachers’ tax bills.

Educator Expense Deduction WHAT IT IS: A $250 deduction to help recoup out-of-pocket costs for outfitting a…

Gifting gifts of appreciated property

Smart gift planning combines charitable intent with cost-efficient planning techniques. Of critical importance is the kind of asset used to fund the gift. Usually, long-term appreciated property can generate the most favorable tax benefits.

Show me the money:

Gifts of such property provide a double benefit, that is, a charitable deduction, in most cases, for the full fair-market value of the…

It’s Not Too Late!

If you haven’t already done so, please consider supporting the ministries of the Holland Deacons’ Conference (HDC) with a year-end contribution.  You can make a secure online contribution here or send it to our office at 224 W. 30th St., Holland, MI 49423.

Your year-end gift is especially important to us this year given the challenges we have faced–and those we are still facing–over the course…

Estate of Eileen v. IRS, 144 T.C. 6 (Feb. 19, 2015).

The tax code (income and estate taxes) allows for deductions in the amount of money actually donated to charity or “permanently set aside.”  (Estate taxes: form 1041, line 13; Income Taxes form 1040 Schedule A lines 16-19).

In Eileen, “The issue [was] whether the estate is entitled to a $219,580 charitable contribution deduction for purposes of…

This is a follow-up post to my original Sweet Charity post several days ago where I featured items on Etsy in a treasury where some or all of the proceeds would be donated to a charity organization. Creating the Treasury for this made me decide that I too want to do my part and give back.  So, I've selected two items to start with where 50% of the proceeds will be donated to a charity. The first item is a luxurious handmade gemstone bracelet featuring genuine Aquamarine nuggets ranging from 10mm to 25mm in size combined with Swarovski crystal elements in light blue shades on a sturdy gold tone ring chain. A perfect gift for someone with a birthday in March.  Swarovski elements are all 6mm in size and are in Light Sapphire, Light Turquoise AB (Aurora Borealis) and Pacific Blue Opal in bicone, round and cube shapes. Each piece has been carefully added with a gold tone head pin which has been looped at the top and curled around to the base of the stone or crystal to ensure that it always remains on the bracelet.

GO TO THIS ITEM NOW

The bracelet is $93 and 50% ($46.50) will be donated to the Disabled American Veterans. Once payment has been processed and received, the 50% donation will be made and a donation receipt will be emailed to the buyer. 

Disabled American Veterans are dedicated to a single purpose: To empower veterans to lead high-quality lives with respect and dignity. They accomplish this by ensuring that veterans and their families can access the full range of benefits available to them; fighting for the interests of America’s injured heroes on Capitol Hill; and educating the public about the great sacrifices and needs of veterans transitioning back to civilian life. They provide free, professional assistance to veterans and their families in obtaining benefits and services earned through military service and provided by the Department of Veterans Affairs (VA) and other agencies of government; Outreach concerning its program services to the American people generally, and to disabled veterans and their families specifically; Represent the interests of disabled veterans, their families, their widowed spouses and their orphans before Congress, the White House and the Judicial Branch, as well as state and local government; Extend DAV’s mission of hope into the communities where these veterans and their families live through a network of state-level Departments and local chapters; provide a structure through which disabled veterans can express their compassion for their fellow veterans through a variety of volunteer programs.

The second item which includes a 50% charity donation is this one-of-a-kind, handmade adjustable rainbow / LGBT pride bracelet featuring Swarovski and Preciosa crystals in the colors of the rainbow flag (red, orange, yellow, green, blue and purple). This is a bracelet that I have handcrafted using high-quality materials. The bracelet base is in antique bronze filigree/metal and adjustable so it will fit any size wrist.   Each crystal has been securely fastened into place using antique bronze head pins which are curled around one another to ensure each crystal remains intact. The head pins are also curled to make a nice design and the ends are concealed for a neat finish. This bracelet is unique and won't be found elsewhere, plus there is only one made, so you know you are getting a truly unique piece of handmade jewelry, or giving a one-of-a-kind gift!

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This bracelet is $137 and 50% ($68.50) of the proceeds for this bracelet will be donated to the AIDS Emergency Fund. Once payment has been processed and received, the donation will be made and you will be sent a donation receipt via email by me in pdf format.  AIDS Emergency Fund responds compassionately to the AIDS crisis by providing immediate, short-term financial assistance to help people disabled by HIV/AIDS to cover their basic human needs and stabilize their living situations.

In its December 16th Newswire (IR-2013-98), the IRS reminded individuals and businesses making contributions to charity of several important tax law provisions that have taken effect in recent years. The IRS highlighted the following changes in the end of…

It's tax season for those who filed for an extension in 2012.  If donations of valuable tangible property were made to a university, museum or other qualifying not-for-profit institutions in 2012 it may be advantageous to claim a deduction for the fair market value of the property that was donated. If you are seeking a tax deduction for donations of tangible property, it's important to keep these four things in mind when preparing your returns.

Hire a Qualified Appraiser.  "The appraisal must be made by a qualified appraiser in accordance with generally accepted appraisal standards."

The 60 day rule.  "The appraisal must be made not earlier than 60 days before the date you contribute the property. You must receive the appraisal before the due date (including extensions) of the return on which you first claim a deduction for the property. For a deduction first claimed on an amended return, the appraisal must be received before the date the amended return was filed."

Coordinate appropriate paperwork for each item:  Form 8283 + Appraisal.  "A separate qualified appraisal and a separate Form 8283 are required for each item of property except for an item that is part of a group of similar items." 

Supply a seperate form for each donee.  "If you gave similar items to more than one donee for which you claimed a total deduction of more than $5,000, you must attach a separate form for each donee."

This is not an exhaustive list of requirements to satisfy for your tax benefit.  As always, seek the case-by-case advice of a professional appraiser and a CPA.  Rules change for items valued at or above $5K as they change again for items valued at or above $20K.