Archive for September, 2009
Charitable Trust Law
You are very philanthropic in nature and you have your old car top be donated. Well, the law is liberal too…
It’s not easy to understand the loopholes or the provisions that you might get in terms of donating your car. The deductions stand at the donors claimed value and the purpose of use of the vehicle. From 2005, the rules have changed a bit. If you put the value of the carat above $5000, and then the organization sells, you can only get the gross profits on the car as the deductions.
Follow these points to keep a track of your maximum deduction available.
1. Eligibility of the organization: The charitable trust must be a qualified one for the contribution to get the tax benefit. A good place to do so is from Publication 78 which is available online and in public libraries.
2. Itemize everything: In order to avail of deductions for your car donation, you need to itemize your deductions. Those who claim standard education can’t benefit from this clause.
3. Fair market value (FMV) is to be estimated: There are various factors that must be considered in order to determine the value of your car. Many used-car buying guides will give you precise instructions so that you can make adjustments to the value of a car for accessories, mileage and other indicators of its general condition.
4. Deduct the FMV: You are only allowed to deduct the fair market value of your car, which accurately takes into consideration the condition of the donated vehicle. You are not allowed to claim the full value of the car, as some people mistakenly believe.
5. File the Charitable Contribution Deduction: When donating your vehicle and claiming tax deduction, record keeping is essential. You must document all the receipts and forms related to the car donation and its fair market value.
Taxpayers who have any doubts about whether a contribution is deductible should call the IRS at 1-800-829-1040, or for TTY/TDD help, call 1-800-829-4059. If you are concerned that contributions are being sought for deceitful purposes, you should immediately contact the appropriate state charity official, who is often located in the state attorney general’s office.
It is always better to know the rules now and then play safe rather than trying to prove our smartness. If you don’t know, better ask your CPA and they will handle the job in a better way.
About the Author:
Find more about
C.A.U.S.E. Foundation – Documentary
Christmas Donations For Children
Question: Does anyone know of any organizations that will donate toys for needy children?
I work @ a small sheriff’s office in North GA, and we sponsor a program for less fortunate children @ Christmas time. This year our funds are very low, and I was wondering if there was anyone out there on the web that could help guide me in trying to get donations from some of the larger toy companies or stores.
Answer: Walmart has always been generous to the community they serve.
Christmas: Important Message About The Less Fortunate!
Tax Planning Strategies Canada
As you devour this article, remember that the rest of it contains valuable information related to income tax form and in some way related to federal tax filing, business tax UK, revenue Canada income tax return or due date for federal income taxes for your reading pleasure.
Once you have completed your online income tax preparation you’ll be able to file your tax return to the IRS. Once the IRS has your electronically filed taxes they can process it in record time, since there is no longer a need for a human to read your tax forms. Everything can now be handled by computers.
Tax Saving Strategies – This is the most important step that will make your income grow. You can download some real tax information from the net on various tax saving strategies. In addition, you can consult a local tax professional.
So, the message is, relax about paying taxes on canceled debt balances. That should be the least of your concerns if you’re upside down financially. You don’t let the misguided criticisms of financial writers (who haven’t done their homework) discourage you from looking into one of the most popular and flexible options for achieving debt-freedom.
Many people forget that they can get more information about any subject matter, be it income tax form information or any other on any of the major search engines like Google. If you need more information about income tax form, go to Google and be more informed.
For Individual Income Tax Credit provides a refund of taxes to those with low income. Because this generates a certain amount anxiety to those who have low income, this tax credit is viewed as an important poverty alleviator for the country. It is advisable that those people who have low earnings resort to non-profit organizations that can aid in getting Individual Earned Income Tax Credit.
However, with intelligent investing, one can save a lot that otherwise goes as a wealth tax. Nevertheless, that requires careful thought and advanced planning. In this case a tax professional could assist one in this regard.
Ideally, taxes on wealth should not be severe on the tax payers, even if they have lots of wealth. Instead, after the minimum slab of no taxation, the taxes on wealth percentage should increase at increments, depending on the value of wealth in dollars. Such a fairer taxation not only increases the revenue but also goes a long way in bringing down the inequality aspect as well.
A lot of well-meaning people searching for income tax form also searched online for income tax extension form, individual tax preparation, and even online income tax return India.
About the Author:
Article Source: ArticlesBase.com – Income Tax Form- Significant Guide For Taxes Forms
Deduct Your Mortgage Payment in Canada
Car Donations Salvation Army
Question: How do you know your christmas donations are going to the starving and homeless?
and not to greedy managers that you hear so negatively about, , i want to donate to the salvation army or some other charity to feed the homeless at christmas, but unless i can go out personally and hand them the money or food, how do i REALLY know if its going to good use, ive heard some horror stories that the managers drive around in flashy cars (maybe not the salvation army) but it has been documented that only 15% of any donating goes to the actual people mostly needs it. is it a con, how do you actually know where its going. in proof.
Answer: For Thanksgiving, I donated to a family that lives near by. I know the father lost his job, mother has health problems and they have kids of various ages. I did up a big box with a turkey and all the fixings and threw in a bunch of things for them to at least have a nice dinner. Not knowing how to give it, I simply knocked on their door the Monday before Thanksgiving and told them I had all this extra food I didn't need and wanted them to have it. They were so grateful and happy. For Christmas, I'm going to do the same. I know it will be useful, needed items going to a family that I know really needs the help. I learned that this is the true spirit of Christmas. My husband and I no longer give each other gifts. We have what we need and want the folks in need to at least have a happy holiday. So, if you personally know of a family near by in need.......and that could be as close as your next door neighbor these days, help them out. This way you KNOW where it is going and to those who really need it. I see their kids could use new winter coats. So, I got their sizes and will buy that for them, along with a few items I know the whole family will enjoy. I never felt my money more well spent. Merry and blessed Christmas to you and your family.
Car Donations - Salvation Army auto donations
Furniture Donations To Salvation Army
Question: Salvation Army in my city…picks up donations of furniture and then….?
instead of putting most of it out on the floor of their thrift store for poor people to buy…they sell best pickings, when the truck comes in, to a lady running a second hand furniture store?
I just think its not right. I know they need to make money, but isnt that the point of running their thirft store. What do you think?
Answer: they just try to make money the fastest way they can then spend it on the people they help
it may not seem right the way they do it but it works for them to help as fast as they can
talk to them they will explain the way they work to help as best as they can
Salvation Army Thrift Store in Lake Worth & West Palm Beach