Helpful Deduction Tips for Collectors
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.
Believe it or Not, So Far the IRS Is Refunding More Money This Year
It’s a rarity that anyone ever has anything good to say about the IRS; just as it’s a rarity that the federal tax agency has good news for taxpayers. However, according to recent reports, the IRS does have some very good news to share in regards to tax returns so far in 2015. While earlier…
IRS Guilty of Questionable Hiring and Rehiring Practices
How confident are you that the IRS is going to handle your tax return properly? Even if you’ve already filed, this latest news could affect you. According to new reports, the IRS apparently used some questionable hiring practices as it prepared to begin reviewing the roughly 150 million individual tax returns it expected to receive…
Tax Season Got You Down? Blame Obamacare
What do you hate the most about taxes? Is it the simple fact that you have to file them? Is it the fear of being chosen for an audit? Is it all the confusing changes on tax laws and policies that drive you nuts? There are a lot of reasons people hate dealing with taxes,…
Have a Tax Issue With the IRS? You Could Always Take Them to Court
What would you do if the IRS makes a decision you don’t agree with? For example, let’s say you file a tax return and send it in expecting to receive a refund of $1,500. However, a few weeks later, instead of receiving your refund, you get a letter in the mail informing you that you…