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Tax Central
We are dedicated to keeping clients abreast of the latest tax law changes, planning strategies and vital tax-related information. This section includes a library of timely articles, due date reminders and much more. 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.
Qualified Charitable Organizations
In order for donations to be deductible, it must be given to a “qualified U.S. organization.” Not all nonprofit organizations qualify, but the IRS regularly publishes a list of the ones that do.
- Limits on Charitable Deductions
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In general, deductions for charitable gifts are limited to 50% of a taxpayer's adjusted gross income. However, depending on the kind of organization and the type of property being given, that limit can dip as low as 20%. And if the individual's income...
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- Gifts That Return a Benefit to You
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If a taxpayer is audited on his or her contributions, the IRS looks to see whether voluntary donations were made intentionally or whether it was just payment for services provided by a charitable organization. For example, payments to a parochial school...
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- Giving Your Time
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Although you may volunteer many hours working for a charitable organization, the value of your time is not deductible. However, if you incur expenses (e.g., travel costs to and from the charity’s location) related to volunteer work, those costs...
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- Travel Away From Home for Charity
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A charitable deduction can be taken for travel expenses (including meals and lodging) incurred while performing services for a charity in an out-of-town location. However, two important criteria need to be met in order to get this deduction:1. You must...
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- Non-Cash Donations
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Donations don’t always have to be in cash. One can also deduct the “fair market value” (FMV) of donated items like used clothing, furniture, and appliances (FMV is the price goods are likely to sell for on the open market). Condition...
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- Recordkeeping for Cash Donations
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For monetary (cash, check) gifts, regardless of the amount, you should have a canceled check (bank record) or a written communication from the donee showing:• The name of the donee organization,• The date of the contribution, and• The amount...
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