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Is it possible to provide a charitable donation to a local youth pastor and see them receive the entire gift and also be able to use the gift as a tax deduction?
Wiki User
∙ 16y ago
Donations to qualifed charities are tax deductible, (within certain limits, probably not applicable here). But the one receiving it MUST be a QUALIFIED (normally under Sect 501 of the IRC) organization. The pastor can tell you if they are and provide you the paperwork you would need to support the deduction...if they are. If he can't provide the right documents...thats probably because they never actually got qualified and there are no controls over what will happen to the money you contribute. Note: The pastor, just by being a Pastor, is not a qualified recepient. I'm not sure what you mean by "see them receive"...a direct contribution to any charity shouldn't have any "collection" or promotion fee involved.
Wiki User
∙ 16y ago
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Can I deduct if I don't have receipt for donation?
You can deduct if you do not have a receipt for a donation however keeping receipts is best for accountability. Receipt provide and document proof in the event of an audit on your tax return .
What are some charitable organizations I can donate to that are tax deductible?
The charitable organizations which provide tax deductions for donations include Green Planet, City International, For Humanity, Christian Mission, Parents and Children Together etc,
How much tax write off for a car donation?
the tax law changed in 2005, For most car donations, the deduction you receive is now directly related to the selling price of the vehicle. The IRS allows for a minimum deduction of $500 but for any deduction over $500 the charity must provide to the donor a written acknowledgment of the vehicle's selling price. (IRS form 1098c) you can get more information on tax deductions at the IRS site www.irs.gov or at donationwizard.com/taxes.jsp If you donated the car to a registered charity, you can write off the value of the car. The kicker is that it is up to YOU to determine the value of the car. You should get a receipt from the charity who you donated it to, and also keep some kind of documentation to substantiate its valuation (Blue Book record, appraisal, etc.).
Do you have to claim a tax refund as income if you are on unemployment?
A tax refund is not income as defined by the IRS. However, if the taxes paid were claimed as a deduction in the income tax for that year, there is an adjustment to the AGI. Some states provide for counting this in the following year.
What IS A section 80U under income tax?
Income tax law gives a special deduction to the persons who suffer from some kind of disability. This comes under section 80U of income tax act in which the persons who are suffering from some kind of or total disability has the special relief in income tax act.The deduction provided is flat Rs. 50,000, irrespective of the expense incurred if the disability is at least 40%. If the disability is severe (80% or more), the deduction can be up to Rs. 1 lakh. One needs to provide a copy of all the certificates issued by a medical authority in order to avail this benefit. A point to remember that, if the disability is less than 40%, this section cannot be used for Tax Exemptions
What can you claim on your taxes for a donated car?
You can claim the charitable donation amount for the value of the car. The charity should provide a receipt with this amount listed.
Why does one get a tax deduction when one makes a donation?
One receives a tax deduction when making a donation because of the laws governing tax legislation in the United States. It is encouraged for the wealthy to give, and when donating to charity, the government of a nation does not have to provide as much care for that particular social service, and in the long term, saves the government money.
What did Scrooge tell the two visitors?
Scrooge told the two visitors that he was too busy to engage with them and that he did not believe in their supernatural nature. He dismissed them rudely and did not want to listen to what they had to say.
Where can I find a place to make a charitable car donation?
Most cities have charities that are constantly needing car donations. These can easily be found in most newspapers, on the internet, local papers like the Pennysaver or the phone book. Sometimes calling city services can also provide you with contacts. Whatever charity you choose make sure it is legitimate and the car is actually given to a needy family and you will be able to get a tax deduction.
How to Feel Great About Making Charitable Donations?
Making charitable donations is a great way to help others in your community and around the world. By making charitable donations to the Red Cross, for example, it is possible for the organization to provide support to families in nearby communities who lose their home to a fire as well as to provide assitatnce to victims of earthquakes and other natural disasters wherever they take place. Unfortunately, it’s important to do a bit of research before making charitable donations. After almost any natural disaster, organizations come together quickly with lofty promises of helping the victims - and the sole intention of helping themselves. Even when these organizations fully intend to distribute the donations they receive, they often lack the infrastructure and planning that would make doing so possible. You’ll find that you feel better about making charitable donations when you can be sure that your donation really does benefit those in need. If you’re just hearing about a charitable organization based on flyers around your town or even a website, take advantage of contact information that’s available and coll the organization. You can also get more information by contacting your state government agency that regulates charities; your government officials will be able to verify details about the charity - including what percentage of your donation actually goes to helping people. If an agency is more focused on paying celebrities for their endorsement of the organization or providing donors with gifts to entice them to make larger charitable donations, there may be other agencies who could do more for those in need. Finally, if you are making charitable donations and hope to be able to deduct the amount from your taxes, ensure that your donation will be tax deductible - and be sure to get a receipt for the donation. You’ll need this when you create your list of itemized deductions when paying your taxes. Making charitable donations is a great way to help others - and to provide ways for them to help themselves. When you make charitable donations, you’ll find that you can feel even better about it by donating to legitimate agencies that are focused on providing the most support possible to those in need.
What did the two portly gentleman ask Scrooge?
They are asking him for money to help the poor. He doesn't want to give them any, saying that there are already poorhouses, workhouses, and prisons. He also feels that deaths among the destitute would "decrease the surplus population."
Weigh the Benefits of Charity Vehicle Donation?
Donating your used car to a charity appears to be a win-win situation: you get rid of an old car and gain a tax deduction, and the charity receives a valuable asset it can sell for cash. Before deciding on a charity vehicle donation, explore the tax rules and the advantages and disadvantages. Donating a vehicle without the proper preparation can hurt you at tax time.Tax RulesPrior to 2005, vehicle donors were able to deduct the full market value of the donated vehicle from their taxes. Because of reports of inflated values, the Internal Revenue Service revised the rules on charity vehicle donations. Currently, the amount of the deduction depends on the value of the vehicle and how the charity plans to use the car, according to the financial website BankRate.com.If the charity decides to use your vehicle for its charity work, such as to transport clients for healthcare appointments, you can deduct the full value of the donation. If the charity sells the vehicle and the value is estimated at more than $500, the amount of your deduction depends on the actual price for which the charity sells the car. For example, you value your donation at $2,000, but the charity sells it for $1,500. You will be able to claim $1,500 on your taxes as a charitable donation. The IRS requires the charity to provide you with confirmation of the selling price within 30 days of the sale, and you must include the verification when you file your taxes.If the charity sells the vehicle at a price far below fair market value, or if the charity gives it to a needy client, the IRS allows you to deduct the higher fair market value. You can only deduct an amount up to the fair market value of the donated vehicle. If your car was only worth $200, for example, that is the maximum amount you can deduct from your taxes.Use CautionBefore making a charity vehicle donation, thoroughly research the intended charity, advises BankRate.com. The charity must be qualified as a tax-exempt organization as determined by the IRS. You must itemize your taxes to receive the charitable donation deduction. Weigh your options. You may receive a larger benefit by selling your old car yourself rather than donating it for the tax deduction.
Charitable Car Donation?
While the “cash for clunkers” program put a hamper on some charitable car donations, making the choice to give a used car to a nonprofit organization is still an option that many worthwhile causes hope more former car owners avail themselves of. It is easy and quick to find an organization that will accept donations of cars, RV, snowmobiles or other motor vehicles. This altruism will not only help out a fellow man but, depending upon the value of the vehicle, earn a nice tax write off in the process.OverviewWhile some may have heard about these programs in the past they may not have an idea of what these organizations do with a charitable car donation. A lot depends upon the condition of the vehicle. In the case of a car that is still in working order the organization will often sell it to a used car dealer for fundraising. If the car is not working, cannot pass emission standards, or is “junked”, they can also break down what is usable about the car and sell it off for parts. Some organizations do this directly while some do this through an independent car parts salesman.BenefitsA charitable car donation, depending upon the value of the vehicle, can earn an organization in one sale what months and months of car washes and other fundraising efforts can do with less cost. This is a great way for those groups to earn money and not have to outlay their own. For the donor, altruistic intentions aside this can also provide a fairly good tax deduction if the person itemizes their expenses. To qualify for a deduction, the charitable organization must be registered with the IRS as a non-profit, non-political organization. The IRS’s web site provides a list of organizations that qualify, and even if you are not interested in the tax write off it can be a great resource for locating a worthwhile cause. Another place to find information is the local Salvation Army or Goodwill. Even if that particular location does not do car donations, they may know of an organization or fundraising effort that does. In larger towns charitable car donation groups may be listed in the phone book.ConclusionRather than sending your car off to the junk heap, consider making a donation, consider making a charitable car donation. You’ll help out a worthwhile cause and maybe keep a few bucks from Uncle Sam down the line.
What is the Fidelity Charitable Gift Fund used for?
The Fidelity Charitable Gift Fund main purpose is to provide other charities and donors programs that will help them make charitable giving simple and easy.
What is the purpose of the Outreach Car Donation program?
The purpose of the Outreach Car Donation program is to provide transportation for disabled people who can't use public transportation. Another purpose is provide transportation assistance to senior citizens.
What does double deduction means?
Double deduction often refer to a tax relief. In computing your profit, we would have claimed an expense to arrive at the profit. Some countries provide an additional deduction on the same expense against you net profit to arrive at your taxable income. Thus the term DOUBLE DEDUCTION.
What does double deduction mean?
Double deduction often refer to a tax relief. In computing your profit, we would have claimed an expense to arrive at the profit. Some countries provide an additional deduction on the same expense against you net profit to arrive at your taxable income. Thus the term DOUBLE DEDUCTION.
