Charitable Giving Information

Posts Tagged ‘reference’

Fundraising Ideas Colleges

Question: Fundraising ideas for college students?

I am in charge of fundraising for a college ROTC boosters program. Last semester, we made several thousand dollars by working with the college athletics department, but that option is not available this semester. We are looking for some fundraising ideas that will earn us a decent amount of money (small things like bake sales really don’t work). Does anyone have any ideas we could use? There are about one hundred of us in the program, but not everyone will be actively participating.

Answer: Well at my university, alot of organizations and departments sell krispy kreme donut boxes of 10 or 12 for $5 and they sell quick. You can also do hand-made things that college students would pick up. ROTC gives out alot of paraphernalia (im also in ROTC)...So you could let the students play a game about university history facts and make them pay a dollar, and if they get it correct, give them a bottle, keychain, string bag, shirt to them! order cookies and stuff of that sort!

Healthy Fundraising Alternatives

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Charitable Trust Forms

Question: Choose a name for a new trust related Christian educational charitable and public trust?

We formed a new trust related christian educational and charitable trust. I hope you will help me to choose a name related with biblically

Answer: In God We TRUST

Create a Will forms & Guide. How to make a Last Will and Testament for an Estate plan

Estate Tax Planning 2009

Question: Real Estate Tax advice.. very detailed ..any experts in real estate tax out there?

We are selling our principal residence in South Carolina which we will have lived in and owned for about 18 months (thus short of the 2 year mandatory minimum for tax free status).

We will have tens of thousands of dollars in capital improvements (new hardwood flooring, counters, siding, deck, extensive bathroom renovation..done in 2009). We also have lots of money in repairs and painting, cleaning, yard maintenance etc.

We will hopefully sell in spring 2010.

1. We plan to make about 80k over what we bought it for.. can we deduct any of what we spent fixing it up?
2. Will we get taxed on every dollar over what we originally paid in 2008? There are no extenuating circumstances to force the move.
3. Can we deduct our closing costs from originally purchasing it?
4. Is there anything else you can tell me that might help..ie. things I CAN deduct to help me avoid some of the profit tax?

Thanks and Happy New Year!

K

Answer: 1. We plan to make about 80k over what we bought it for.. can we deduct any of what we spent fixing it up?

Add the costs of improvements, but not maintenance and repairs, to the purchase price of the house. Also, add the real estate commission you pay to sell the house to the purchase price of the house. The total of these amounts is included in the "basis" of the house (see also 3 for other additions to the basis). Only the difference between the selling price and the basis of the house is subject to income tax.

2. Will we get taxed on every dollar over what we originally paid in 2008? There are no extenuating circumstances to force the move.

No. You may be subject to tax only on the difference between the selling price and the basis of the house. Since you have owned the house for 18 months, your gain is long-term capital gain and is going to be taxed at a maximum of 15%.

3. Can we deduct our closing costs from originally purchasing it?

You can add the cost of the survey, deed recording fee, title insurance, and other expenses which are related to the purchase of the property to your basis. You cannot add any fees related to the mortgage, such as the mortgage origination fee.

4. Is there anything else you can tell me that might help..ie. things I CAN deduct to help me avoid some of the profit tax?

In the year of sale, if you have not deducted all of the points (also known as origination fees), you may deduct them on Schedule A.

Best advice is to seek out an experienced professional who can go into the details as mentioned above. It will be money well spent and can save you a lot in taxes.

Business Valuations for Gift and Estate Tax Planning: What Financial Planning Professionals Need ...

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.

Thanks!!

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

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