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The concept is that if you give more to the charity than the fair market value of what you receive, the excess is a charitable contribution and therefore deductible.
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Feb 15, 2014 22:54
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smackfu posted:The concept is that if you give more to the charity than the fair market value of what you receive, the excess is a charitable contribution and therefore deductible. What about when I contribute to my local public radio station and receive a gift? Am I supposed to subtract the value of the gift from the amount I donated?
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Feb 16, 2014 02:18
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mlnhd posted:What about when I contribute to my local public radio station and receive a gift? Am I supposed to subtract the value of the gift from the amount I donated? Yes. Subtract fair market value from the amount of the contribution. The IRS specifically says that token items don't need to be subtracted though. So that crappy NPR mug you got with your $100 donation doesn't need to be subtracted, but the $25 FMV subscription to Wine Spectator magazine does.
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Feb 16, 2014 13:04
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Sab669 posted:Is the Girl Scouts considered a Charity, or is any donation to any sort of non-profit thing valid? I donate a small chunk to Wikipedia but I assumed that didn't count for anything since they're strictly just nonprofit. Not all non-profits are able to accept tax deductible donations (only 501(c)(3) organizations, which is what most people consider charity, but there are other types to which donations are nondeductible such as 501(c)(6) (trade groups such as the chambers of commerce), or 501(c)(4)(social welfare  groups such as political action groups), etc.).And yes Girl Scouts of America is a 501(c)(3), as is the Wikimedia foundation.
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Feb 17, 2014 21:28
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furushotakeru posted:, as is the Wikimedia foundation. I just uploaded 500 pictures of my dick to the wiki article on "micropenis, how do I calculate my charitable deduction?
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Feb 17, 2014 21:38
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scribe jones posted:I just uploaded 500 pictures of my dick to the wiki article on "micropenis, how do I calculate my charitable deduction? Get a qualified appraiser to appraise that poo poo. 
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Feb 17, 2014 21:53
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ThirdPartyView posted:Get a qualified appraiser to appraise that poo poo. More specifically you'd want to fill out Form 8283 (Noncash Charitable Contributions).
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Feb 17, 2014 23:04
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If I do charitable work for an organization equivalent to that I do during my employment, just pro bono, would that be grounds for a deduction? I imagine so. If it is, how much would this be? I know the hourly rate the company would charge, but it's not like the non profit would be hiring them were I not around, they probably just wouldn't do anything.
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Feb 18, 2014 06:41
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semicolonsrock posted:If I do charitable work for an organization equivalent to that I do during my employment, just pro bono, would that be grounds for a deduction? I imagine so. No, you're not allowed to deduct the actual work you do for a 501(c)(3) organization (see here).
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Feb 18, 2014 12:54
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ThirdPartyView posted:No, you're not allowed to deduct the actual work you do for a 501(c)(3) organization (see here). Bummer! So, like, if I'm a roofer doing roofing for a charity isn't tax deductible at all..?
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Feb 18, 2014 15:14
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semicolonsrock posted:Bummer! So, like, if I'm a roofer doing roofing for a charity isn't tax deductible at all..? You can deduct the cost of the roofing materials and supplies, just not your labor.
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Feb 18, 2014 16:36
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Doing the online tax thing like always. While inputting 1099-B for my brokerage account, is it permissible to simply add up all the transactions for a single stock bought and sold on the same day? I would total the quantity, sale price, cost basis, wash disallowed etc and treat the total as one entry in the tax form. Otherwise, I'll be inputting 300 transactions and I really don't want to do that. Would I be screwing the IRS out of any money by doing this? I wouldn't think so since I'm reporting exactly everything that's listed, just not broken out into every single transaction. So say I bought 10 shares of XYZ at $10 each 5 times in one day and sold them all on the same day for $11 each. Instead of inputting 5 transactions, I will report 50 shares of XYZ for the day of purchase for a total basis of $500 (10 shares*$10*5 purchases) and $550 sale price (50 shares*$11) Cool?
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Feb 18, 2014 20:50
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PorkFat posted:Doing the online tax thing like always. While inputting 1099-B for my brokerage account, is it permissible to simply add up all the transactions for a single stock bought and sold on the same day? I summarize stock transactions by account, short term and long term, basis reported or not. So even if there are 300 transactions on a 1099-B I usually have no more than 4 entries.
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Feb 18, 2014 22:56
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furushotakeru posted:I summarize stock transactions by account, short term and long term, basis reported or not. So even if there are 300 transactions on a 1099-B I usually have no more than 4 entries. Same here for my clients. Technically the IRS wants it all input line by line, but my philosophy is if the IRS wants it, they can ask and I'll provide it.
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Feb 19, 2014 00:17
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AbbiTheDog posted:Same here for my clients. Technically the IRS wants it all input line by line, but my philosophy is if the IRS wants it, they can ask and I'll provide it. There's actually a paragraph in the instructions that discuss when you're permitted to summarize as opposed to completing it line by line, as well as what you have to state on the form. But I'm pretty sure I'm the only one on the planet who knows this.
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Feb 19, 2014 01:38
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Admiral101 posted:There's actually a paragraph in the instructions that discuss when you're permitted to summarize as opposed to completing it line by line, as well as what you have to state on the form. But I'm pretty sure I'm the only one on the planet who knows this. Uh huh. We all know it, we just don't care. Not to be flippant, but when my client comes in with 100+ pages of trading activity, I'm not spending 20 hours inputting and double checking that, and the client isn't going to pay for either.
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Feb 19, 2014 01:49
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Can I ask about adjusting my I-9 so I don't get such a large return next year in this thread?
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Feb 19, 2014 13:36
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That would be the W-4, and you might browse the last ten pages or so first.
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Feb 19, 2014 18:20
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AbbiTheDog posted:Same here for my clients. Technically the IRS wants it all input line by line, but my philosophy is if the IRS wants it, they can ask and I'll provide it. AbbiTheDog posted:Uh huh. We all know it, we just don't care. Not to be flippant, but when my client comes in with 100+ pages of trading activity, I'm not spending 20 hours inputting and double checking that, and the client isn't going to pay for either. THIS. A thousand times this. 
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Feb 19, 2014 18:35
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Hi. I checked a few pages in the front and back and didn't see this. Sorry if something similar had been posted. My wife & I are in a sticky situation. Our accountant of the past ten years died unexpectedly about two weeks ago. While it is horrible, we were wondering what we can do seeing as he never left the number of someone who could take his place. We were thinking about using TurboTax because it seems like it's just plugging in information. Would we get better results if we went to our local H&R Block? We have a house, two jobs, and some investments. And yes, I know there are accountants here we can hire right here in this thread, but my wife wants to talk to someone in person should we go that route. Mr_Schmoo fucked around with this message at 22:54 on Feb 19, 2014 |
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Feb 19, 2014 22:51
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Mr_Schmoo posted:Hi. I checked a few pages in the front and back and didn't see this. Sorry if something similar had been posted. That entirely depends on whether you put the right numbers into the right boxes in TT, and whether the preparer at HRB does the same.
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Feb 19, 2014 22:53
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furushotakeru posted:That entirely depends on whether you put the right numbers into the right boxes in TT, and whether the preparer at HRB does the same.
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Feb 19, 2014 23:15
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A few weeks ago my wife got this notice from the IRS The letter went on saying that there was nothing that we needed to do at the time, but they placed a flag on our account and would call us if anything fishy came up. I attempted to e-File our 2013 federal return through hrblock online and it got kicked back for the following reason: quote:Issues I haven't called yet, but are they going to be able to resolve this over the phone and we can re-submit the return or are we going to have to turn to paper forms? EDIT: Talked to HRBlock chat, looks like it's mail-in only from here out. Now to see if I can get my e-file fee refunded. FCKGW fucked around with this message at 01:11 on Feb 20, 2014 |
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Feb 20, 2014 00:56
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So I'm in a pickle: I am 24 years old, student, working for a university. Last year I was returned $412. My AGI was $9,000, I filed as married separately. This year I made $18,000, one month I was withheld $321. I figured I was exempt from paying taxes and would even receive a return but the two online filing sites I've used say that I owe the government $480. Can anyone tell me if I am doing something wrong? Am I not excused from paying taxes this time around? Here is a snapshot from 1040.com: 
Frijolero fucked around with this message at 01:06 on Feb 20, 2014 |
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Feb 20, 2014 01:03
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Frijolero posted:So I'm in a pickle: After deductions you had $8k taxable, at a 10% rate is $803, less $321 already paid....means you owe about $482. You probably have already exhausted all student credits if you're 24 and have been a FT student, but double check that. Also make sure MFS doesn't prevent you from taking deductions. MFS is usually a bad call, either divorce and file Single or keep filing MFJ.
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Feb 20, 2014 01:40
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Frijolero posted:So I'm in a pickle: ...why would you be excused from paying taxes on 18k?
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Feb 20, 2014 01:40
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"Certain groups of people who meet specific criteria don't have to pay income taxes. For example, if you're single, under the age of 65, and your yearly income is less than $9,350, or married, under 65, with income less than $18,700, you're exempt from paying taxes. If you're over the age of 65, single and have a gross income of $10,750 or less, you don't have to pay taxes. Or if you're married and over 65, you can earn up to $20,900 before paying taxes" I've heard it before and I figured people who did not make much money were exempt. Guess I'm sorely wrong 
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Feb 20, 2014 01:51
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Frijolero posted:"Certain groups of people who meet specific criteria don't have to pay income taxes. For example, if you're single, under the age of 65, and your yearly income is less than $9,350, or married, under 65, with income less than $18,700, you're exempt from paying taxes. If you're over the age of 65, single and have a gross income of $10,750 or less, you don't have to pay taxes. Or if you're married and over 65, you can earn up to $20,900 before paying taxes" You're not wrong, you're just not reading "IRS-ese" right. married, under 65, with income less than $18,700 This means you meet ALL three conditions.
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Feb 20, 2014 02:03
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AbbiTheDog posted:You're not wrong, you're just not reading "IRS-ese" right. But he is married, 24 and earned $18,000 last year 
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Feb 20, 2014 02:31
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FCKGW posted:But he is married, 24 and earned $18,000 last year The couple altogether has to make less than $18,700 because that's the amount of the standard deduction for a married couple and two personal exemptions.
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Feb 20, 2014 02:33
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I will be working in NC and living in SC pretty soon. I've read online that basically it means I have to file two returns (one for each state obv) and that I can claim a tax credit for the taxes paid in NC on my SC return. This all boils down to paying just as much as I usually would if I lived in one state. Right?
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Feb 20, 2014 03:07
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FCKGW posted:But he is married, 24 and earned $18,000 last year
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Feb 20, 2014 03:17
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FCKGW posted:But he is married, 24 and earned $18,000 last year He appears to be filing MFS, so not using the MFJ numbers.
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Feb 20, 2014 06:03
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I know that I can deduct insurance premiums on my state taxes even if I didn't itemize the deductions in federal. My question is, where do I find this info? I pay medical/dental/vision for both my husband and myself. I have under box 12 D: 341.41 and DD. 9690.72 but I thought my premiums were included in other, box 14, where I have bx14c 547.56 and bx14d 1967.94. I don't have any other deductions at my workplace to take into consideration.
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Feb 21, 2014 00:38
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NarwhalParty posted:I know that I can deduct insurance premiums on my state taxes even if I didn't itemize the deductions in federal. My question is, where do I find this info? I pay medical/dental/vision for both my husband and myself. I have under box 12 D: 341.41 and DD. 9690.72 but I thought my premiums were included in other, box 14, where I have bx14c 547.56 and bx14d 1967.94. I don't have any other deductions at my workplace to take into consideration. It might be helpful to list which state you live in. We have a 1/50 chance of getting it right.
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Feb 21, 2014 01:56
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AbbiTheDog posted:It might be helpful to list which state you live in. We have a 1/50 chance of getting it right. Sorry, Kentucky.
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Feb 21, 2014 03:59
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I'm already planning on speaking to a CPA about this issue but I thought asking here might give me a general idea of what to expect. My mom passed away recently without a will and we are in the process of settling her estate. While going through her documents I discovered she took about 53k out of an IRA account this year and only withheld about 3k in federal taxes. It looks like this was her sole income for the year. A quick TurboTax estimate shows that she owes about 7k in Federal taxes. Is there anything I should be on the look up for while going through her paperwork to see if we can reduce this tax burden? She doesn't have enough money to cover this debt in her bank account and since she didn't own any real estate the only other items she had were her cars, furniture, and jewelry. Are we going to have to sell these items to pay off the tax bill? At least she lived in Texas so we don't need to worry about state taxes. The lawyer we hired to help us close out her estate said to speak with a CPA but he thinks the IRS wouldn't come after us for this debt which seems off to me.
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Feb 21, 2014 17:26
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Christ Pseudoscientist posted:I'm already planning on speaking to a CPA about this issue but I thought asking here might give me a general idea of what to expect. My mom passed away recently without a will and we are in the process of settling her estate. While going through her documents I discovered she took about 53k out of an IRA account this year and only withheld about 3k in federal taxes. It looks like this was her sole income for the year. A quick TurboTax estimate shows that she owes about 7k in Federal taxes. Is there anything I should be on the look up for while going through her paperwork to see if we can reduce this tax burden? She doesn't have enough money to cover this debt in her bank account and since she didn't own any real estate the only other items she had were her cars, furniture, and jewelry. Are we going to have to sell these items to pay off the tax bill? IANAL, but it's my understanding that if the executor of the estate distributes out assets before settling liabilities they are personally responsible for any unpaid debts. That being said, you would need to file a final return for your mother showing the tax owing. When the IRS comes calling, you might simply have the executor tell the IRS your mom's estate had nothing of value in it and to go away, and see what happens. It might be helpful to have an itemized list of what was in the estate, a rough value, and a list of the other liabilities she left behind that you paid off. You might try this tactic with any credit card bills as well.
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Feb 21, 2014 17:30
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But always remember that in the IRS's mind they trump all other unsecured creditors except maybe medical bills or student loans. What I mean is that if she has no assets to pay her taxes, that's one thing, but if she doesn't have any money because you already sent it all to pay off a bunch of other unsecured creditors the IRS will likely not be amused. Then again, I really have no experience to say how aggressively the IRS pursues unpaid taxes from the estates of dead taxpayers who don't have money. furushotakeru fucked around with this message at 20:35 on Feb 21, 2014 |
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Feb 21, 2014 20:26
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If property has already been transferred to the beneficiaries, they will be joint and severally liable (along with the executor) on the final Form 1040 tax liability (and any Form 706 estate tax liability if the unified credit doesn't eliminate any estate tax liability) under Section 6901, and the IRS will chase you for that liability (plus any and all applicable penalties and interest). Given past experiences representing clients in such situations before the IRS, I strongly suggest that, if the assets are still in the estate, that you discuss with the other beneficiaries (per state estate law) what asset(s) you're willing to liquidate in order pay that liability. There shouldn't be (Note: this is not actual tax advice, but an assumption based on your fact pattern) resulting gains on the liquidation since the property should have been stepped up to Fair Market Value at the time of death, so there shouldn't be any gains requiring an additional liability on a Form 1041 (estate income tax return).
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Feb 22, 2014 00:13
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