|
|
| *Loan,banking and credit>>>income tax |
Can I deduct the 520$ I donated to our church this year on my income taxes? |
The donations were actually 10$ a week for the year. Of course I have no receipts to show any of it. If you are itemizing your deductions on the Schedule A rather than taking the Standard Deduction, you could claim deductions make to your church as a Charitable Contribution but You need to have proof of the contribution by way of either canceled checks or a receipt or documentation from the Church. Contributions of $250 or More You can claim a deduction for a contribution of $250 or more only if you have an acknowledgement of your contribution from the qualified organization or certain payroll deduction records. If you made more than one contribution of $250 or more, you must have either a separate acknowledgement for each or one acknowledgement that shows your total contributions. Acknowledgement. The acknowledgement must meet these tests. It must be written. It must include: The amount of cash you contributed, Whether the qualified organization gave you any goods or services as a result of your contribution (other than certain token items and membership benefits), and A description and good faith estimate of the value of any goods or services described in (b). If the only benefit you received was an intangible religious benefit (such as admission to a religious ceremony) that generally is not sold in a commercial transaction outside the donative context, the acknowledgement must say so and does not need to describe or estimate the value of the benefit. You must get it on or before the earlier of: The date you file your return for the year you make the contribution, or The due date, including extensions, for filing the return. Publication 526 http://www.irs.gov/publications/p526/ar0... Source(s): Internal Revenue Service 1-800-829-1040 Absolutely. You only need receipts if you get audited, but the amount of tax on $520 is way smaller than the cost of the effort to get it out of you. Most people with contributions that small don't get audited unless something else brings their return to someone's attention. Yes you can and you dont need receipts unless you are audited. You can attempt to deduct it. But unless your charitable contributions exceed 7.5% of your adjusted gross income ....... you basically gave the money away and won't see that deduction. Found out the hard way a few years ago, which is why I no longer 'donate' money nor goods. Gave it all away, got not a dime in return. Yes but only a small percentage and you'll have to do the long form and addendums, in other words forget about it. If you have some things to donate to a non profit thrift store they will give you a receipt for a really high value on stuff you might otherwise have thrown away as well. I'm speaking of a Salvation Army Store, or Vincent De Paul, Goodwill, something along those lines. This you can deduct as well. I'd still claim it, if I actually did pay it. They're tightening up on a lot of that stuff right now, so in the future, you should either donate by check or request receipts from your church. Somehow, you need to be able to document it, and unfortunately, church donations are sadly one of the most common ways people skim a little extra on their taxes. Read the attached link, especially page 16 about records. http://www.irs.gov/pub/irs-pdf/p526.pdf... It clearly states that paying weekly to the church counts as separate donations. Only single donations of $250 or more in one lump require a receipt. As always, consulting a CPA is encouraged, as I am not one. |
| Tags |
| tax software tax table tax tips tax year income tax business tax car tax child tax cigarette tax corporate tax |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |