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 ,
Heroes and Horses veteran care

Heroes and Horses: Brave Challenge to Veteran Care Status Quo

Introduction: In this interview, Alan Olsen, CPA and featured guest Micah Fink discuss how Horses and Heroes use horses to aid veteran care and much more. Transcript: Alan Olsen Welcome to American Dreams. My guest today is Micah Fink, CEO and founder of Heroes and Horses. Micah, welcome to today’s show. Micah Fink Alan, thank…

Balancing IPOs, Ledgers & Fatherhood, A Moment with Travis Combs

Balancing IPOs, Ledgers & Fatherhood, A Moment with Travis Combs

Introduction: Two dad’s discussing life balance in the hectic world of IPOs with featured guest, Travis Combs, Managing Director at the Effectus Group. In this interview, Alan Olsen, CPA, MBA and Travis address family, faith, career, client’s best interest, and trying to strike a balance. Transcript: Alan Olsen Welcome to American Dreams. My guest today is…

A Deep Dive into Investment Banking and Philanthropy with Michael Bennett

A Deep Dive into Investment Banking and Philanthropy with Michael Bennett

Introduction: A candid discussion about investment banking and philanthropy with Mike Bennett, Managing Partner of Crewe Capital. In this interview, Alan Olsen, CPA, MBA and Mr. Bennett open a window into his Crewe Capital‘s early beginnings the connection between investment banking and philanthropy. Transcript: Alan Olsen  0:01 Welcome to American Dreams. My guest today is…

Teaching Business Success with Dr. Frumi Rachel Barr

Teaching Business Success with Dr. Frumi Rachel Barr

Introduction (teaching business success at Barr Business School) In this interview, Alan Olsen, CPA, MBA discusses teaching business success with Dr. Frumi Rachel Barr. Dr. Frumi Rachel Barr is the Founder and Chief Mentor at the Barr Business School. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is…