Helpful Deduction Tips for Collectors

Goal-focused,,Increase,Motivation,,Way,To,Achieve,The,Goal,,Support,And

Are you a collector? Have you ever wondered if you could donate the items you collect to a charity auction for tax break purposes? If you are considering this scenario, there are some things you should know.

The first thing you need to make sure of is that the charity you are considering is actually a qualified charity. Not all organizations qualify with the IRS for a charitable deduction. Make sure you check the list before you make your donation.

Another important step is to get your collectibles appraised before you make the donation. This can help you get the true value for your donation, which can mean a bigger tax break.

Next, you need to find out if your donation will actually produce any tax benefits for you. Charitable deductions are limited to 30 percent of your AGI, if they are capital gain property and you donate them to a publicly supported charity. On the other hand, if you donate to a private organization, the deduction amount drops to only 20 percent.

 Donating collectibles, like artwork for example can be a good way to get a few more deductions and save yourself a little more money on your tax bill. If you have any questions or need more clarification, then you can learn more by clicking here. You can also contact us at 1-877-CPA-2006.

Posted in ,
Leadership, Duty, Honor & Country With Lt. Gen. Mike Barbero

Leadership, Duty, Honor & Country With Lt. Gen. Mike Barbero

Retired US Army Lieutenant General, Michael D. Barbero, discusses leadership, service, duty, honor, and country on Alan Olsen‘s American Dreams Show. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is General Michael Barbero. General, welcome to today’s show.   Mike Barbero Thanks, Alan, how are you? Thanks for having me. It’s…

Regenerative Medicine and Creating Wellness with Dr. David Haasse

Regenerative Medicine and Creating Wellness with Dr. David Haasse

Dr. David Haasse, Founder of the MaxWell Clinic discusses regenerative medicine and creating wellness on Alan Olsen‘s American Dreams Show. Transcript: Alan Olsen Welcome to American Dreams. My guest today is David Haasse. David, welcome to the show.   David Haasse Thanks, Alan.   Alan Olsen So do you have a remarkable background and career obviously that lot…

VC Insights From Silicon Valley Veteran Andrew Romans

VC Success With Silicon Valley Veteran Andrew Romans

Andrew Romans, General Partner of 7BC Venture Capital, Author, and University Professor discusses navigating Silicon Valley, venture capital (VC), startup success, and the future of tech investment on Alan Olsen‘s American Dreams Show. Transcript:   Alan Olsen Welcome to American Dreams. My guest today is Andrew Romans. Andrew, welcome to today’s show.   Andrew Romans Thank you so…

How Entrepreneurs Shine by Gino Wickman

How Entrepreneurs Shine With Gino Wickman 

Gino Wickman, Founder of EOS Worldwide and author of “Shine” and “Traction: Get a Grip on Your Business” discusses How to shine as an Entrepreneur on Alan Olsen‘s American Dreams Show. Transcript:   Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Gino Wickman. To welcome to today’s show.   Gino…