Archive for Charity

Charitable Miles Deduction: Is It Changing Under The New Tax Reform?

Now that the effects of last year’s tax reform bill are being felt, the proposals to reform the reform keep rolling in. Last month, Sen. Bob Casey (D-PA) put forth a bill to reinstate unreimbursed job expenses. This week, Rep. Richard Nolan (D-MN) introduced H. R. 5662, also known as the Volunteer Driver Tax Appreciation Act of 2018.

The purpose of the bill is to amend the Internal Revenue Code of 1986 to equalize the charitable mileage rate with the business travel rate. For 2018, the Internal Revenue Service (IRS) optional standard mileage rates for the use of a car, van, pickup or panel truck are 54.5 cents per mile for business miles driven but a mere 14 cents per mile driven in service of charitable organizations. Read More

Written by | Posted in 2018 Tax Law • Charity • Deductions • Mileage • Tax Changes

Tax On Cash Donations, Non-Cash Donations, Charity Expenses

A donation in any form can give you immense pleasure and harmony of sharing stuff with others who do not have access to such things. More people are interested in such noble causes than ever before. Apart from helping some people in need, you can help yourself as well. A donation is one of the known ways of reducing your tax liability. Unfortunately, a lot of people started to misuse same and in turn forced the government to push for stricter regulations. The following are some important points that you need to consider when it comes to tax on donations or charity. Read More

Written by | Posted in Charity • Donations

How Much Can You Deduct For Donating Used Goods?

John Dundon

Without a doubt one of the best ways for us middle-class folks to reduce our income tax burden is to donate charitably with intent. Most of my clients find themselves pleasantly surprised at the tax benefits received when they go through the exercise of donating gently used household items to charity.

Read More

Written by | Posted in Charity

Tax Benefits Of Giving Time And/Or Money To A Charity

Barry Fowler

With the first chill of fall most people’s thoughts turn to the activities of autumn: Football, Thanksgiving, pumpkins, apples, (did I mention football?) and, of course, the holidays.

For those looking to limit how much they give to Uncle Sam at tax time, this is also the time to turn your thoughts to giving to a favorite charity.

Read More

Written by | Posted in Charity

Donor Advised Funds IRC §4966

John Dundon

In my last post about how year end tax planning starts with reassessing one’s commitment to charitable donations, I mentioned that my mom donated her appreciated shares of Exon Mobile to a Donor Advised Fund (DAF). Many readers had questions about what a DAF is and the mechanics of donating to one. So much so I was compelled to follow up in this post. Read More

Written by | Posted in Charity

General Tax Benefits Of Charitably Giving

John Dundon

Warren Buffet released certain claims made on his 2015 personal income tax return in a statement released by Business Wire, A Berkshire Hathaway Company. It is worth noting his remarkable generosity. Check out these figures:

Read More

Written by | Posted in Charity • Tax Credit • Tax Tips

Charitably Giving With Intention – An Introspective – Part 1 – QCD’s

John Dundon

Last spring, I become a relatively involved with St. Peter’s Stewardship Committee out here in Greenwood Village, Colorado. With membership ranks and pledged donations struggling, my wife and I developed a plan to drill down into several aspects of charitable giving and report findings along the way.

Read More

Written by | Posted in Charity • Tax Deductions • United States