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SeriousGivers.Org (SGO) has just issued an eye-opening report on donation of cars to charity. The SGO report spells out important questions you should consider before donating a car. It also examines the overall benefits — and shares conclusions on whether a donation will be a win, loss or draw. Among other things, the SGO [...] The IRS just published a handy list of eight tips for deducting charitable contributions. Why not print it out and keep it with your charitable contributions “stuff” — and take a look at it before you make a donation? IRS Tip #1 — make sure you are giving to a charity. You can use [...]
If you are 70½ or older you can donate from your IRA directly to the qualified organization of your choice – tax-free! The tax package rule applies to the 2010 and 2011 tax years, and allows you to give up to $100,000 each year. You could call this rule the “Grin and Give Rule.” Continue reading “Tax-free IRA donations revived” It’s a terrific time to be generous. With demand for charity services up, and donations to charity down, charities need our support now. Stick with your budget. Philanthropy is wonderful, but first make sure to take care of yourself and those who depend on you. Focus your giving on causes you care about. [...] Much more information on charity volunteer mileage rates and what a volunteer can deduct is now available at SeriousGivers.org at the “What can a charity volunteer deduct?” page. Go there for ongoing coverage (comments are closed on this page).
Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: Thousands of nonprofits that have been failing to file their annual IRS information returns are about to lose their tax-exemption. They can’t say “nobody told me!” The IRS has gone out of its way to help smaller nonprofits maintain their tax-exempt status. The latest warning offers a last chance, until October 15, 2010. Read [...] The IRS has issued an updated guide for donors and charities, spelling out the contribution deduction rules. Publication 1771 — with the not-so-jazzy title “Charitable Contributions, Substantiation and Disclosure Requirements” — provides a solid, plain-language statement of the recordkeeping, proof and disclosure rules. A must-have for every any donor who wishes to deduct donations [...] The IRS has released a summertime warning on top tax-related scams. Abuse of charitable organizations and deductions grabbed 4th place, in the company of phishing, return preparer fraud, hiding income offshore and frivolous arguments. Elaborating on charity abuse, the IRS reported The IRS continues to observe the misuse of tax-exempt organizations. This includes arrangements [...]
You can do it in three steps:
The U.S. House of Representatives has moved forward H.R. 4123 – now know as the “American Jobs and Closing Tax Loopholes Act of 2010″ – which includes an extension to the end of 2010 of the Internal Revenue Code rule permitting IRA owners to make tax-free donations directly to charities. Read our description of [...] |
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Copyright © 2012 Edward W. Long | The Smarter Giving Guy | All Rights Reserved |
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The compromise tax package just passed by Congress brings back for 2010 and 2011 the ability to donate tax-free from an individual retirement account. And, reflecting the end-of-year nature of the Congressional action, the 2010 donation can be made as late as January 31, 2011. (See section 725 of H.R. 4853).
On December 3, the Internal Revenue Service issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. 
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