really wish there were examples with numbers to make things clear. Example (not sure if this is true or not): 1. You have $100k, you are taxed $30k normally, you are left with $70k take home. 2. You have $100k, you donate $20k and get XX tax deduction and only have to pay $5k in taxes, you are left with $75k take home, thus it is more beneficial to donate.
Hey, the rules change based on what you donate (cash or non-cash) and your AGI - so one example is likely not helpful to the masses. There are a few online charitable tax calculators out there that may be able to help you with your specific situation.
@@LYFEAccounting non cash donations. I am moving my house and donating a bunch of stuff that i wont need in the next location. It is good to know that I can get some deductions with these...
John 3:16 “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”
Okay so I bought a charity item for $695 and got a federal tax receipt. I added the amount on turbotax but it didn't deduct it from my tax total. And it didn't ask for proof so what should I do there?
So if I make $10 M for my gross adjusted income and half gets taxed right off the bat, if I donate the entire $5 M, will I get $5 M back come tax season? Provided I don’t exceed the cap.
Go fund me ? I'm thinking of donating in the donators name to a go fund me account for the person it's for so that I can garantee the possibility of using it as tax deduction? Like setting up coin jars at local bodega with info on it and when the money is collected donate it directly to go fund me in that company name will they be able to utilize that ?
I like the video & information. One thing you can work on or the video I must say, is just lowering the background music just a little. My adhd Ming was taken over by it.
My friend, concerning charitable donation under standard deduction. I understand the $300 limit. What I am not sure about is the noncash donation. In other words, can I make noncash donation to qualified charities? Thx
I am donating a service from my small business to a nonprofit (character entertainment). What do I need to ask the organization to provide to me so I can fill out the tax forms to deduct it? I have been looking online and can not find an answer and do not want to sound stupid to the organization. We have been in operation for several years and have donated hundreds of hours that we never claimed on our taxes. I want to change that this year. Should I ask for an identification number or something for the form I found on the IRS website? Our services are approximately $100-$500 each time.
My friend, concerning charitable donation under standard deduction. I understand the $300 limit. What I am not sure about is the non cash donation. In other words, can I make non cash donation to qualified charities?
Hello, please help me. I am a teacher from Syria. My salary is weak because of the war and the devaluation of the currency, as my salary does not exceed twenty dollars. Please help me please
@@Nikki-bk1wf Who said this was about me. I'm trying to understand this concept. I keep hearing about how Rich people donate large amount of money to avoid paying taxes. So my understanding right now is that, the donor actually do not benefit anything, rather he/she just have a choice whether to give the money to the government or to a charity, but at the end of the day, he/she will still lose the same amount of money?
I'm confused. If you buy a charity ticket for $1k and the charity states $900 is tax deductible, you file single and exceed $100k in annual income, is your net out of pocket cost for the charity event $100?
Happy to help. Deductions only reduce your taxable income. How much you you save depends on your tax bracket. You are thinking of a tax credit which reduces the actual tax you pay. Does that clear it up for you?
My boss pays me cash but as a sub contractor pay can I make sandwiches and buy cheap clothes and make these care packages for the homeless and write that off?
Hi Sir , I have question for my tax filing, it is according to the Tithe to the church is cash below $5,000, i don't know which Form for deduction ? how much is accepted ? I have receipt from organization. thanks