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.
U.S. Treasury Making Push to Keep More Corporate Taxes Home
For any company considering a tax inversion, the latest news form the U.S. Treasury will likely make it reconsider. Tax inversions, which are used by American companies to reduce their tax bill, occur when a company acquires or opens a subsidiary in a foreign country in order to change its tax address and save…
Why Are the Wealthy Paying Fewer Estate Taxes?
Why Are the Wealthy Paying Fewer Estate Taxes? The estate tax was a hot topic throughout the election process and now that we have a new president-elect it’s sure to get an even closer look when White House leadership changes hands early next year. Or course, both candidates had different views regarding this tax,…
Want to Avoid Taxes in Retirement – Try This
There’s been no shortage of thoughts and opinions regarding Donald Trump’s tax returns since the election process began, especially since his leaked return hit the mainstream media a few weeks ago. One could argue at length regarding those numbers and whether or not they paint a positive picture of Trump and his finances. However,…
How Would Proposed Tax Plans Affect the Country’s Economy?
We’re just days away from the election and it’s likely that most Americans will just be happy that it’s finally over, no matter whom or what they voted for. However, there are some very important things at stake in this election, including how each candidate’s tax proposals would affect our nation’s economy, as well…