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Can money given to your child for living expenses be considered a charitable contribution for tax purposes?
Wiki User
∙ 11y ago
Money given to any individual, including your own child, cannot be treated as "charitable" in the US - The government will treat it as a gift however, and if that exceeds $10,000 in a single year, gift taxes will be applied.
Wiki User
∙ 11y ago
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What is the word used for giving away some saving for good purposes?
The most common term is donation, it can also be called a charitable contribution, alms, endowment, philanthropy, charity, or even a gift.
What is the word used for giving away some savings for good purposes?
The most common term is donation, it can also be called a charitable contribution, alms, endowment, philanthropy, charity, or even a gift.
What is Benevolent offering in church?
Money given for charitable purposes.
Is fundraising allowed in Islam?
Islam allows fundraising for charitable purposes.
Is a contribution to a qualified tuition plan considered as a gift of present interest?
No, a contribution to a qualified tuition plan is not considered a gift of present interest. It is typically treated as a completed gift for gift tax purposes because the donor has made a transfer of ownership to the beneficiary.
What are considered acceptable business expenses?
Acceptable business expenses are determined based on the individual company. If the expenses are useful and do not seriously impact a company's bottom line they are acceptable. Expenses are acceptable for income tax purposes if the employee incurs them wholly and exclusively in the pursuit of the business activity and derives no personal benefit from the receipt of the money.
In Islam donating land money etc for charitable purposes?
Sure, this is called in Arabic "waqf".
A charitable trust is usually governed by?
The attorney general of many states have the power to monitor anyone holding funds intended for "charitable purposes." This is the charitable trust, and may be administered by rules of the AG's office and by various state laws. A charitable remainder trust would be a different animal.
Is BBB fee an advertising expense for Schedule C?
This statement may be found on BBB sites:BBB accreditation fees/membership dues cannot be deducted as a charitable contribution for federal income tax purposes, but are usually 100% deductible as a business expense (consult tax advisor).
What is traveling expenses?
Traveling expenses is how much currency you bring with you when you travel, for things such as entertainment purposes, food, clothing etc.
What is a wakf?
A wakf is another term for a waqf - an endowment of land given over for religious or charitable purposes.
What conditions exclude sick pay from the definition of wages for fica tax purposes?
generally, payments to employees or their dependents for medical or hospital expenses in connection with a sickness or accident disability aren't considered wages
