… and charitable organizations make the 2008 list. The IRS listed the misuse of charitable organizations as one of the 12 most egregious tax scams by taxpayers. Abuse by donors who try to maintain control over donated assets or income from donated assets is just one example. Taxpayers are also claiming overvalued property donations for a larger […]
Are you looking for additional charitable contributions for your tax return? You – and so many other church members – very well might find a small bonanza here! According to federal law, any un-reimbursed out-of-pocket expenses incurred while performing donated services may constitute a charitable contribution. The value of your donated labor or services is […]
Just got a call that most every church bookkeeper receives most every year. At issue: how do I figure out in which period to post contributions received at year-end? Answer: charitable contributions must be applied to the year in which they are delivered. One exception is when the check is mailed: it is applied to the […]
In order for a Church member to claim a tax deduction for a cash donation in excess of $250, they must obtain written documentation from the Church acknowledging the gift. The acknowledgment from the Church must include a statement that the Church member didn't receive anything in exchange for this gift except for intangible spiritual benefits. Canceled checks or bank […]
The recently signed $700 billion economic bailout bill (H.R. 1424, The Financial Rescue Package), includes a two-year extension of the IRA Rollover provision. The provision will be made retroactive to January 1, 2008, and will apply to gifts made from that date through December 31, 2009. The special legislation allows you to make charitable gifts […]