Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
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.
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.
Veterinary fees
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
You cannot deduct Veterinary fees on your tax return.
Can I deduct the student loan interest reported in my child's name and S.S. number?
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
No. If the parents are not legally obligated to repay the loan they cannot deduct any interest the dependent pays.
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.
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.
Acupuncture
Asked Tuesday, February 21, 2012 by an anonymous userCPA Answer:
You can include in the calculation of Medical itemized deductions as medical expenses subject to the 10% / 7.5% limitation the amount you paid for acupuncture.