Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
Deduction for the time spent on a job that I did not get paid for
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
You cannot claim a tax deduction for time spent on a job where you did not get paid. All materials used and payroll paid to employees’ on the job will be expensed.
Blood given at a blood bank
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
You cannot deduct the value of blood given at a blood bank.
How much am I allowed to claim as a charitible cash deduction?
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
The answer is, how much did you contribute and how much can you substantiate.
For contributions of $250 or less, a cancelled check or credit card statement is sufficient.
A written acknowledgement from the charity documenting the contribution's amount and date is also acceptable
For contributions of $250 or more, you must have written substantiation from the organization. A cancelled check is not sufficient.
For contributions of $250 or less, a cancelled check or credit card statement is sufficient.
A written acknowledgement from the charity documenting the contribution's amount and date is also acceptable
For contributions of $250 or more, you must have written substantiation from the organization. A cancelled check is not sufficient.
How much of a deduction can I take for my donated goods?
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
There are valuation guides available to the public to calculate an amount for noncash contributions.
You can go to the Salvation Army website to view their Donated Goods Valuation Guide at www.salvationarmyusa.org
You can go to the Salvation Army website to view their Donated Goods Valuation Guide at www.salvationarmyusa.org
What are the IRS Publications detailed Charitable Contribution?
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
IRS Publication 526 and 561.
Teeth Whitening
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
Teeth Whitening is not deductible even if performed by a dentist.
Hearing Aids
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
You can include in medical itemized deductions subject to the 7.5% limitation the cost of a hearing aid plus its batteries, repairs and maintenance needed to operate it.
Value of my time donated to a charity
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
You cannot deduct the value of your time or services rendered to your charitable organization.
Charitable Organizations - Selective Recipient listing
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
A partial list of acknowledged Registered organizations
Churches, temples, synagogues, mosques and other religious organizations.
Public charities such as United Way, Salvation Army, Goodwill Industries, Red Cross, Boys and Girl scouts, Boys and Girl Clubs of America, CARE etc.
War veterans' groups
Nonprofit volunteer fire companies, hospitals and schools.
Public Parks and recreation facilities.
Churches, temples, synagogues, mosques and other religious organizations.
Public charities such as United Way, Salvation Army, Goodwill Industries, Red Cross, Boys and Girl scouts, Boys and Girl Clubs of America, CARE etc.
War veterans' groups
Nonprofit volunteer fire companies, hospitals and schools.
Public Parks and recreation facilities.