Charitable Contributions

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Donating Professional Time to Charity

By | August 23rd, 2017|Categories: Small Business Tax and Accounting|Tags: , |

The bottom line with it is, you can’t deduct the value of your donated time.

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Iowa Deduction for Charitable Mileage

By | June 5th, 2017|Categories: State Taxes|Tags: , , , |

Image courtesy of user Maialisa on Pixabay.com Iowa allows taxpayers to take an extra itemized deduction for charitable mileage. Here’s how it works. Background On federal tax returns, taxpayers who itemize deductions can take a deduction for mileage driven for charitable purposes. The deduction is equal to 14 cents per mile. (Note: this amount [...]

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Do I Need a Receipt for Charitable Contribution Less than $250?

By | April 20th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

Question from a client: One of the charities I donate to told me that I don't need a receipt unless I donate $250 in one year...is this true...even if I get audited? Answer: Yes.

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Glossary: Itemized Deductions

By | April 12th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , , |

Itemized deductions are an optional deduction taxpayers can take on tax returns for things such as medical expenses, property taxes, mortgage interest, and charitable contributions.

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Reminder: There’s No Such Thing as a $500 Non-Cash Charitable Contribution “Standard Deduction”

By | March 7th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

This comes up every tax season and seems to be something people don't understand. On Schedule A, for itemized deductions, there's no such thing as a "$500 standard deduction for non-cash charitable contributions."

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