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re: Tax advice....goodwill
Posted on 12/16/14 at 12:36 pm to LSUFanHouston
Posted on 12/16/14 at 12:36 pm to LSUFanHouston
Hmmm....I think I need to go donate some stuff this weekend.
1
Posted on 12/16/14 at 12:38 pm to Ellakennedi
May be too late for this, but when we donate to Goodwill, we just create an excel spreadsheet that lists what we donate, quantity and total price
Ex: 5 Men's Polo Shirts- $20 (or $4 each)
Then we take a picture of the whole lot (not each piece individually) and keep all that with our tax files for that year.
Ex: 5 Men's Polo Shirts- $20 (or $4 each)
Then we take a picture of the whole lot (not each piece individually) and keep all that with our tax files for that year.
Posted on 12/16/14 at 12:41 pm to Ellakennedi
quote:That shouldn't cause you any problems. The IRS encourages people to donate to charities.
So my question is.... How much can I put on here? I make around 170,000 a year and pay a ton in taxes.... It would be nice to be able to put 15,000 on this thing. What say you guys?
In fact, you should probably say you donated $50,000 to Goodwill. That way you'll save another $10,000 or so off of your taxes.....
Posted on 12/16/14 at 12:47 pm to southernelite
you have to itemize to get anything at all
Posted on 12/16/14 at 12:49 pm to Ellakennedi
When claiming a tax deduction from Goodwill, you should be taking a picture of the items you are claiming and filing it in case of audit.
Posted on 12/16/14 at 12:52 pm to yellowfin
I'll be itemizing, as I always have.
Posted on 12/16/14 at 12:54 pm to Poodlebrain
quote:
My standard description of donated items on Form 8283 is nothing more than the category of items, such as clothing, furniture, toys & household goods. I never bother with quantities or values for individual items. I've never had a client's noncash charitable contributions questioned in over 25 years of practice.
Sorry if I wasn't clear. On the 8283, yes, I also for my clients only list general category and total values for the entire donation.
I encourage my clients to keep a detailed list in their records in case the IRS ever snooped around.
Posted on 12/16/14 at 12:57 pm to southernelite
I never had enough deductions until I was a homeowner with mortgage interest and property tax
Posted on 12/16/14 at 1:12 pm to yellowfin
I've got some other things going on that have made it worthwhile to itemize. I've only filed myself a few times. Usually gave my parents the tax break and they'd just give me what I would have gotten.
Posted on 12/16/14 at 1:25 pm to southernelite
medical? employee expenses? casualty loss? home office?
Posted on 12/16/14 at 1:34 pm to yellowfin
Non-reimbursed business expenses while I was 1099
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