↑↑↑ Create an account with Kraken. ↑↑↑

Saturday, April 11, 2015

Charitable Contributions

Please read the disclaimer first.

We allocate 5% of our budget for giving, most of which qualifies for Gifts to Charity in our tax return.

These go on lines 16 and 17 in 2014's Schedule A.




For cash donations, you will need to keep the receipt, regardless of the amount.



For non-cash donations exceeding $500, you will need to file Form 8283.

You can look up the "Fair Market Value", for example, at the Goodwill and Salvation Army sites.

If you donate a vehicle over $500, you also need a Form 1098-C.



Gas used to drive for volunteer work can also be deducted at 14 cents per mile.



To check if the organization you donated to is eligible (Publication 78 data), you can use the "Exempt Organizations Select Check Tool".



Here are the tax IDs of some of the organizations we have donated to.

No comments:

Post a Comment