Archive for January, 2010
Charitable Trust Laws
Question: How to start Charitable trust to help poors and disabled?
I would like to start a small charitable trust in future to help poor and disabled. What is the rules in our country? From where(which website) i can get information regarding these laws and guideline in India. Anbody can help me?
Answer: try to make a good and a big 10 to 15 members a community take a site or rent house try to help the the poor by teaching giving food and clothing in that house
Preparing a Shariah Compliant Will Part 2
Charitable Giving Forms
Question: Income Tax Question – Form 8283 Charitable Deductions (noncash)?
I need a little help. I’ve been told 2 different things, so I need to confirm which is correct.
I use Turbo Tax to do my taxes. I usually have non-cash contributions of over $ 1000 each year, costing about $ 75-200 for each. I get a copy of the receipt that Goodwill gives me and keep it with each donation. I use Its Deductible to plan how much to deduct for each item. Turbotax then fills out Form 8283 because the total of all my contributions is over $500.
*** Here’s the problem: My mother told me her tax person said that you can’t claim non-cash donations each year over $ 500 unless they give you an appraisal. **** Isn’t that just if an INDIVIDUAL item is worth over $ 500?? Not if you give away, say… Goodwill 2-10-07 $ 201.00, Goodwill 3-4-07 $ 122.00, Goodwill 8-14-07 $ 175.00, Goodwill 11-1-07 $ 98.00 ???
Any help from a CPA or someone who does tax preparation would be really appreciated.
Answer: You can only deduct what the items may sell for. For donations to Goodwill or similar charities, that's typically between 10¢ and 20¢ on the dollar of the new price of the items at best. If challenged at audit, you must be able to provide a detailed inventory of all items donated and the individual values of the items.
The rules on non-cash donations are complex. See IRS Pub 526 http://www.irs.gov/pub/irs-pdf/p526.pdf for general guidelines on charitable donations and IRS Pub 561 http://www.irs.gov/pub/irs-pdf/p561.pdf for more detailed information on establishing the value of donated property.
Planned Parenthood 'Registers' in Haiti and Other Places
Charitable Giving Republican Democrat
Question: Why do Rich Blue state people need government to take care of them, but people in Poorer Red States, don’t?
Could it be because People in Red states are more charitable and take care of those who need help, without being forced by government to do it?
This is the case. It’s a statistical fact that Republicans and Independents give far more than Democrats, while making on average substantially less money. And in my observation make their money by producing, while the Blue state thing tends to be more parasitic in nature on average. Blue voters definitely do more parasitic activity on average, especially lawyers, and Unions who use leverage not of market force to unnaturally raise their pay for doing less work. Note, I said on average.
Answer: On average as you say, Blue Stater's are in a culture of parasitism, as you also say. They only know where money comes from to them so they can get it, but they really don't understand the nuts and bolts of production of wealth, or the cause and effect of creating a nation that creates more wealth so that everyone can have more of it.
To the Blue staters on average more than the red staters, much more, government is a tool to be manipulated into bringing them more wealth or paying their bills. They really don't get the concept of carefully caring for and inspiring the goose that lays the golden egg, which is production of wealth that should be incentivized, so there is more of it around.
Dirty politicians use this Blue state philosophy based on a lack of understanding about the cause and effect, to get them to vote for that which will bring them political power. They also degrade and erode the countries economy and upset the golden goose, but they don't care, they get more all at once from killing the golden goose, then they have theirs as the rest of the country goes down.
STOP US Govt. Taxing Non-Profits! Elect Frank Mazzapica US Congress
Charitable Trust Education
Question: Can all charitable trusts in the world come together and decide everyone on this earth gets 2 times food ?
Is this feasible ? I know many rich charitable trusts who have different focuses and agenda. Some have very expensive plans for education, New inventions etc. But can they not come together and contribute to a simple humanitarian cause to ensure that no human being on this earth remains hungry ? What are your views ?
Answer: God Questions.
Think the amount of wastage of food in marriages and parties and even at home and hotels. Start preaching people to save food. If the leftovers can be given to poor and hungry that would be great.
Let us all decided not leave anything in our plates.
sbbg charitable trust 3
Tax Planning Definition
Question: How does Obama and McCain define “small business” ?
Obama says that 98% of small business’ make less than 250K, how can that be true if a plumbing business would make over 250K. I think his numbers are wrong. I still havent heard Mccain’s definition of a small business, but it looks like Obama’s tax plan would hurt small business’ more than MCaain’s. Any Thoughts????
I havent heard his definition, but he did say that he wouldnt raise taxes on people during this economic crisis, like obama would. that’s what I meant.
Answer: absolutely. I am a small bz owner and I have read his plan. I am terrified. The man doesn't know the first thing about business. He is going to extract as much as possible from the most productive and hand it to everyone else. That is great if you are incompetent.
Lady Love: Do you own a small business? Can you tell me how Obama's plan to increase taxes over 250K (not that much income when the government already takes 36% Fed, 7% State, and huge property taxes here in NY state). They already get HALF!!! I don't understand why the Left just wants to take as much as they possibly can and punish people who work ALL of the time. Do you know what Payroll taxes are and what they mean to the self employed? Any idea what Capital Gains taxes are? How about taxes on dividends (when we already are taking a huge hit). Please explain it to me.
an urgent messgae from RALPH NADER