By topic (Charity)

Tax Deductions for Shotgun and Partying at Charity Skeet Shoot

Tax law contains a strange rule that doubles the business tax deduction for a charitable skeet shoot over the deduction allowed for business entertainment. In fact, the charitable-skeet-shoot rule produces a business tax deduction greater than what you could deduct as a charitable deduction.

Tax Deductions for Dues and Expenses of Being a Mason or a Lion

Tax law favors and allows deductions for civic and public service clubs and even names some favored clubs. But tax law does not allow dues deductions for airline, hotel, country, golf, athletic, and business-meal clubs.

Last-Minute Year-End Tax Planning for Your Business Tax Deductions

Are you looking for more tax deductions this year? It’s not too late. Learn 12 last-minute tax-planning ideas that you can implement to create or push more deductions into this year so you can pay less in taxes this year.

Tax Tips for Charitable Deductions as Business Expenses

The critical point for making payments to charities and churches deductible business expenses is your reasonable expectation of financial return.

Federal Tax Deductions for Business Involvement in Charity Fundraiser

You always come out ahead when you can deduct your charity involvement as a business expense.

No Tax Relief for Donation of Office Space to Church

Allowing your church to use office space free does not produce a tax deduction for you. Make sure you know the rules on these types of donations, including the rules that apply when you donate a week at your timeshare or vacation home.

Business Tax Deduction for Golfers and Spectators

Being in business for yourself produces huge tax-deduction advantages for golfers and golf spectators. Golf advantages are more than double those of football, baseball, and basketball.

Fix for Charity Mileage Rate?

Lawmakers finally let the IRS deal with deducting charitable mileage! The IRS annually updates its deduction rates for mileage, but lawmakers haven’t updated their charitable mileage rate since 1997. Read how a new law applies the IRS rates for charitable mileage, and how this affects you.

IRA Donation to 501(c)(3)

If you want to donate money from your IRA to charity, there are two ways to do it: you can have the IRA send the money directly to the charity, or you can do it an alternate way. We recommend sending the money directly to save money on taxes. There are important details, however, so read closely.

Value of Time As a Contribution

If you donate cash to a charity, it is deductible. However, try and deduct the value of your time or services, and you run into problems with the law.

How Much Could You Bank If You Turned Your Charitable Contributions into Business Expenses?

If you do not itemize your deductions, pay self-employment taxes, or suffer deduction phaseouts, you will likely benefit from making your donations deductible as business expenses. But if you decide to make business contributions to charity, make sure you know how to make your proof stand up to scrutiny.

New Law Attacks and Changes Many Charitable Deductions

Public Law 109-280 makes tax deductions for donations to charity far more difficult. Here is one example of the changes: dropping $5 in the collection basket at Church on Sunday is no longer deductible. Now you need a cancelled check or a receipt to claim that deduction.

Helping Hurricane Victims

Follow this golden rule: Do not make charitable contributions to individuals. Make your donations directly to the qualifying charitable organizations.

Jack Up Your Profits with Tax Credits

Historic rehab tax credits can put you in Donald Trump’s self-proclaimed favorite spot. Tax credits often exceed the cash you invest in the project making the historic rental or office building a “nothing down” deal for you. Add nonrecourse financing to the package and you have no personal risk. None of your cash in the deal and no personal risk—this is Mr. Trump’s favorite spot. You might do as many Congressional leaders do: Donate your personal home’s historic facade to charity so can realize big tax credits.

Commission Rebate

Rebates have become common. The tax treatment of a rebate by the salesperson depends on whether you write a check or receive a reduced commission and whether you do this rebate for charitable or promotional purposes.

Van Donation Valued at Sale Price, Not Blue Book or Appraised Value

The IRS told lawmakers that a number of people were cheating on vehicle donations and that some changes in the rules could put a quick stop to that. This court case explains why lawmakers went along with the IRS and enacted the changes that are in effect today.