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.
10 Ways to Cut Your Property Taxes
10 Ways to Cut Your Property Taxes By Paul W. Wilson Property taxes are decided collectively by school boards, town boards, legislators, and councils. The tax rate is set by collating the amount of funds an area needs. This is then divided by the “total taxable” assessed value of the area. The tax an individual…
Paying Taxes on Two Homes
Paying Taxes on Two Homes Homebuilders like Ryland Group (RYL), KB Home (KBH), and Beazer Homes (BZH) acquire their fortunes from homeowners, especially retirees, wanting to buy second homes, many times in a different state. But when it comes to taxes, where you live is very important. People who live where there’s no state income…
How Easy is it for Wealthy MLBers to Avoid State Income Tax?
How Easy is it for Wealthy MLBers to Avoid State Income Tax? Spring is here and that means a lot of things to a lot of people. For many, spring means baseball is back, from Little League to the Majors, ball players are back on the diamond hitting homers, striking people out and stealing bases.…
How Can I Sustain My Family Wealth?
How Can I Sustain My Family Wealth? At GROCO we work with some of the most successful and wealthiest people in the world. We’ve seen a lot of clients come through our doors and we’ve learned a lot about what makes them successful. We’ve also enjoyed much success in our own right. Our clients have…