0
How do you calculate the tax deduction for giving eyeglasses to charity?
Wiki User
∙ 16y ago
Yes items like this are deductible.
You must prove the "fair market value" of it at the time and condition you gave it in (FMV is basically the amount you would get if you went to sell them on the current market)....think like this...the amount the thrift shop you give it to is likely to get for it...hence, something like prescription glasses - are worth very little...even if you originally paid a bunch.
See: http://www.irs.gov/pub/irs-pdf/p561.pdf
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
What form do you file first as you have not filed for 501C3 status yet and need to do taxes on fundraised money which has already been given to cause and need to know?
Unless other arrangements have been made with the Charity, the one/Co that raised the money has taxable income for the amount raised, and likely a charitable deduction for the amount donated (presuming it was donated to a QUALIFIED charity). Those giving the money did not donate to a charity and do not have any deduction.
How do you lower IRS taxes by giving money away?
If you give your money away to a recognized charity, you can deduct the contribution on your income taxes.
What are some of the charity works of Goodwill?
Goodwill does many different types of charity work. Examples include Helping people get an education and job that they wouldn't be able to get on their own. They also help by selling clothing at low prices in their stores and giving food to food banks.
If you give a piece of real property to someone as a gift can you claim that on your taxes?
Gifts, other than to a qualified charity, are NEVER deductible...no way no how. In fact, the one giving may incurr a "gift tax" that is their obligation to pay.
What are the advantages of giving to charity?
Whatever the cause you wish to support, the biggest advantage is that the people in the charity are knowledgeable about where your money needs to go in order to be most effective. A charity that helps the poor, for example, would know who the poor are that need the help and what they need. Charities that help fund cancer research know what groups are doing the research. Those who help children who are ill know which children need the help, etc. There is also the advantage of being able to deduct charitable contributions on your taxes each year.
Can I save on my taxes by giving a vehicle donation to charity?
You can take a deduction for the price at which the donated vehicle was auctioned on behalf of the charity. The charity to which you donate will arrange to have the car auctioned. The charity will be notified of the money raised by the sale. You will then receive this notification. This is the amount you can use as a deduction.
What form do you file first as you have not filed for 501C3 status yet and need to do taxes on fundraised money which has already been given to cause and need to know?
Unless other arrangements have been made with the Charity, the one/Co that raised the money has taxable income for the amount raised, and likely a charitable deduction for the amount donated (presuming it was donated to a QUALIFIED charity). Those giving the money did not donate to a charity and do not have any deduction.
What is human charity?
giving charity to humans
What are some tips when donating an automobile to charity?
There are several things to consider before donating an automobile to charity. One should always remember to get some sort of proof of the donation such as a receipt for tax purposes. If one wishes to get the highest possible tax deduction for their donation, then one should make sure that the charity accepting the automobile will be using it or giving to it somebody who will be using it.
What is giving to a charity called?
philanthropy
What is the word for giving to the poor?
charity,giving away,borrowin
How does someone go about giving to an auto donation charity?
Someone can go about giving a donation to a auto donation charity by contacting the charity through email, telephone, or visiting their office in person.
What does HInduism say about giving to charity?
yes
•Anitta donated $ 78,000 to a charity for differentlyabled children last year by giving a fixed amount ofmoney every month. Calculate the money shedonated to the school each month?
$6500
If I made a car donation can I qualify for a tax deduction?
No this year they are giving no tax breaks for that.
Why do Jews give to charity?
Giving to charity (according to one's means) is a duty in Judaism, Christianity and Islam.
In lieu of gifts is it ok to suggest giving to a charity?
* No, this would be poor etiquette because it's a wedding or engagement. Giving to a charity is generally done when someone has passed away.
