#Tax Deduction For Charitable Donations

[goodworkstrust]

How To Get A Tax Deduction For Charitable Donations In India? Charity is a noble cause and we as a human should do it if we are capable of doing that. Governments of all countries promote this noble cause that’s why they provide tax deduction for charitable donations. Most of us want to save our taxes and find ways to save them. Nothing seems the best option to save the taxes than doing charity. This noble act not only saves your taxes but also helps the marginalized section of our society. To read complete post, visit here: https://goodworks.org.in/how-to-get-a-tax-deduction-for-charitable-donations-in-india/

[davidl2001]

Donations You Can Make for a Tax Write-Off This Year

Donations Are you looking for ways to reduce your tax bill this year while also supporting a good cause? Making charitable donations can help you achieve both goals. By donating to eligible charitable organizations, you can claim a tax deduction and save money on your taxes. In this blog post, we’ll explore some of the different types of donations you can make that may be eligible for a tax…

[ifindtaxpro]

🤝 Make your charitable giving count! Learn how to maximize your impact and deductions with tax-efficient strategies. Support your favorite causes while optimizing your financial situation. Giving back has never been so rewarding.

[sightsaversin]

Transform Lives with Sightsavers India Donation - Support Our Vision Today

Sightsavers India is a non-profit organization dedicated to preventing blindness and promoting equality for people with disabilities. Sightsavers India Donation can help them provide essential eye care services, education, and advocacy programs to those in need. Join us in the fight against avoidable blindness and make a difference today.

[nervouswaltz]

hi getting mrbeast neg pilled rn this is a good way of mathematically breaking down and explaining why relying on rich people to create positive social change is a fucking terrifying concept

[mariacallous]

Keep the people of Ukraine warm

Ukrainians are boldly defending against an invading army, and now the weather has become bitterly cold. Freezing conditions make everyday living unbearable and the defense of Ukraine more challenging, as soldiers may suffer from frostbite.

Help us secure many thousands of hand and foot warmers and other cold weather support materials for our Humanitarian, Defenders, and other programs.

$25 will help us buy items like HotHands Body & Hand Super Warmer (20 count)

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$100 will help us buy items like HotHands Toe Warmers 120 Pairs

$1,000 will help us keep Ukrainian defenders or civilians warm until spring.

United Help Ukraine is a registered non-profit organization eligible to receive tax-deductible charitable donations to the fullest extent allowed under section 501(c)(3) of the Internal Revenue Code and in accordance with U.S. Law. Our EIN is 47-1837509.

United Help Ukraine supports the Ukrainian people by providing essential services and aid as they try to protect their lives, their homes, and their future.

Visit our website to learn more:  UnitedHelpUkraine.org

[dontmeantobepoliticalbut]

The amount of income, deductions and taxes paid by or refunded to former President Donald Trump while serving in the White House was detailed in a new report released Tuesday night.

The report reveals that Trump on his federal tax returns declared negative income in 2015, 2016, 2017 and 2020, and that he paid a total of $1,500 in income taxes for the years 2016 and 2017.

On their 2020 income tax returns, Trump and his wife Melania paid no federal income taxes and claimed a refund of $5.47 million, according to the report by the staff of the Joint Committee on Taxation.

The report was posted online shortly after the Ways and Means Committee voted to make public redacted versions of Trump’s full income tax returns, and those of eight related business entities for the tax years 2015 through 2020.

Those full returns are expected to be released in the coming days.

A separate report released by the Ways and Means Committee revealed that the IRS had started an audit of just one of Trump’s tax returns while he was serving as President despite an internal policy mandating that sitting presidents have their returns audited annually.

The 39-page report by the Joint Committee on Taxation staff gives a breakdown of the highlights of Trump’s joint tax filings with Melania during his time in office, and the two years he first ran for President.

The report identifies different areas that the staff thought warranted further examination, such as documentation of nearly $506,000 in charitable donations claimed by the Trumps in 2019.

Highlights of the report include:

• On their 2015 federal return, Trump and his wife declared negative income of $31.7 million, with taxable income of $0. The couple paid federal income taxes of $641,931.

• The 2016 return declared negative income of $31.2 million, with zero dollars of taxable income. The Trumps paid $750 in taxes.

• The 2017 return declared negative income $12.8 million, with $0 in taxable income. The couple paid $750 in taxes.

• The 2018 return declared total income of $24.4 million, with taxable income of $22.9 million. The Trumps paid $999,466 in federal income taxes.

• In 2019, the Trumps declared $4.44 million in total income, and $2.97 million in taxable income. They paid $133,445 in taxes.

• The 2020 return shows negative income of $4.69 million, with zero dollars in taxable income. The tax paid by the Trumps was $0 and they claimed a REFUND of $5.47 million.

Read the report on Trump’s annual tax returns here.

[deadkennys]

South Park characters who don’t pay taxes: cartman, butters, mr garrison; liane pays some but not all, tolkien makes charitable donations for deductions

[republicanidiots]

Oath Keepers Org was given tax exempt status under Trump

...“In 2019, the IRS granted tax-exempt status to the Louisiana based Oath Keepers Educational Foundation, whose stated purpose on filings is to “give veterans an opportunity for continued involvement in community service.” Days before the January 6th United States Capitol attack, Oath Keepers’ founder Stewart Rhodes appeared on a podcast and solicited charitable donations to Oath Keepers Educational Foundation.[45][42]....

“It can only be presumed that these funds, which listeners were notably able to deduct from their Federal taxes, went to transporting and lodging members of the group slated to participate in the ensuing riots.” -- February 25, 2021 statement before the Subcommittee on National Security, International Development and Monetary Policy of the Committee on Financial Services

[celticcrossanon]

I see where Disney had to re-do the Elephants video that migraine did with Natalie Portman.  It was, as we all know a disaster with migraine makrel. We still do not know where the 3 million is, do we? The Charity, at last inquiry, still had not received it. If Disney deducts it as a Charitable expense and the Charity does not have it listed as a donation…who looks into where it went? The IRS? They are going to have a lot to do. They are looking into deductions for ex., of the Harkles to WCK, Jose Andres where they claimed they made a $300K donation to them, but the charity did not ever receive it apparently. Makes for interesting research these Tax returns of these two.

* 

May 12 Ask

Hi Nonny,

I can’t remember if it was ever found out where those payments ended up. I believe that only a small amount of the money donated to Archewell has to be passed on to charity - 10% or something. I don’t know if that affects those donations or not. Of course, with the rumours about the Harkles, alleged financial mismanagement also comes to mind. Whatever happened, I hope it all gets sorted out and sooner rather than later. The charities deserve to receive the money promised to them.

[freakoutgirl]

funny that people put charitable donations as tax deductions. i'm not keeping track of that

[sightsaversin]

The world’s largest population of blind people lives in India. Over 8 million people, to be exact. The majority of them lack access to even the most basic medical facilities because they reside in the nation’s most underdeveloped regions. But did you know that if they had received prompt treatment, nearly half of them might not have become blind? Sightsavers India realises the importance of eye health and thus through its programmes ensures availability of affordable, quality eye health services in rural districts, urban slums, government schools and to the underprivileged community.

[sbataxconsultants]

Tax Season Checklist

Tax season can be a demanding time for everyone, from small businesses and freelancers to individual filers. Proper preparation is key to ensuring a smooth tax filing process. Use this checklist as your guide through each step, making sure you’ve covered all essential items for your tax filing.

Gather Personal Information

 Social Security Numbers (SSN) for yourself and all dependents

Addresses and dates of birth

 Bank account and routing number for direct deposit/refund

 Last year’s Adjusted Gross Income (AGI) for electronic signature

Income Documents

 W-2 forms from all employers

 1099 forms for freelancers and independent contractors

 Interest statements (Form 1099-INT or Form 1099-OID)

 Dividend statements (Form 1099-DIV)

 Sales proceeds from stocks, bonds, etc. (Form 1099-B)

 Retirement plan distribution (Form 1099-R)

 Miscellaneous income records (prizes, rent income, etc.)

Deduction and Credit Documents

 Home mortgage interest (Form 1098)

 Real estate and personal property tax records

 Receipts for charitable donations and gifts

 Medical and dental expense records

 Educational expenses (Form 1098-T)

 Student loan interest paid (Form 1098-E)

 Childcare expenses (provider’s tax ID number required)

Health Insurance Information

 Marketplace coverage (Form 1095-A)

 Health coverage exemption certificate, if applicable

 Records of healthcare payments for Premium Tax Credit

Tax Forms and Worksheets

 Current year’s tax return forms and schedules

 Worksheets for itemized deductions, if applicable

Previous Tax Returns

 Copies of past tax returns (3-7 years recommended)

Bank Account Information

 Account numbers for any account into which you’d like a refund deposited

 Records for interest paid or earned, if applicable

Miscellaneous

 Notices from the IRS or other revenue systems, if received

 Record of estimated tax payments made during the year, if applicable

Review and Organize

 Review all documents to ensure they are complete and accurate

 Organize documents by category for easy reference

 Compile a list of questions or concerns for your tax advisor or software

File Taxes

 Choose the appropriate filing method for your situation (e-file or mail)

 Submit tax returns by the due date or file for an extension, if needed

Payment

 Schedule payment for any taxes owed, or confirm refund details

Follow Up

 Track refund status, if expecting one

 Store copies of filed tax returns and all relevant documentation securely

 Plan for any quarterly or future tax adjustments needed

 Confirm that checks have cleared or payments have been debited

Remember, this checklist is a general guide and your tax situation may require additional information. Always consult with a tax professional or IRS resources to ensure that all your tax responsibilities are fulfilled. 

Comments

[hellyeahscarleteen]

Due to factors outside our control, we need to create a new page for donations, and are currently working on it!

For the time being, though, you can make tax-deductible donations to Scarleteen securely via a PayPal account, debit or credit card through UNHUSHED, our current fiscal sponsor (and we'll tell you more on that change soon!) here: https://www.paypal.com/donate/

If you want to be filled in as to what's going on a little:

Tomorrow will usher in month 3 of a lack of service -- and without ever giving us any notice or even acknowledgement there were problems or changes until we contacted them weeks after the fact -- from Network for Good, the third-party charitable payment processor we've been clients of, in perfect standing, for 12 years.

We are not the only organization who have had or are currently having issues with them. Over at least the last week, they have had apparent technical issues that created problems for many others who use them for online donations.

We have been having these but also different  and additional issues with them since the start of the year. During this time, we have not seen any of our recurring donors payments run in our reports (we get conflicting information from them about if they have or have not) save one or two,  and new donors have been unable to make donations.

After a not-insubstantial amount of work to even find a way to speak with someone there, we were told our issue required us to change fiscal sponsors to fix it, and that that once we did, everything would go back to normal and recurring donors whose payments were not run would be. Despite the great time and labor, not to mention the questionable inconvenience of all of us involved, in doing that by 2/7, nothing has changed since. We continue to get little to no communication back from them, and when we do, it is often conflicting, obtuse or avoidant.

This has so far caused us to go without a portion of our budget and so is, as it likely is for any other organization having issues, leaving us in a precarious financial position. It clearly is time to seek out legal help. We're in the process of doing that. In the event you are or know a lawyer who this sounds like a great fit for, please drop us a line.

I do not think  that anyone's information or donations aren't safe and secure at Network for Good. However, please do what feels best for you. We are currently setting up with a new and additional online third-party processor now on top of having that direct link up there, and will email all of our existing recurring and current one-time donors with that information once we have it. - HC

[advancetaxreliefexperts]

TAX PREPARATION BEST PRACTICES FOR A STRESS-FREE FILING SEASON 

As we inch closer to the infamous tax filing season, the palpable tension in the air becomes almost unavoidable. For many, the thought of navigating the labyrinthine tax codes and forms is enough to induce a cold sweat. But it doesn't always have to be this way. 

With a little forethought and meticulous planning, tax preparation can be a breezy, walk-in-the-park experience, saving you not only precious time but also potential penalties for mistakes or late submissions. 

In this article, we'll dive headfirst into a wealth of expert tips, savvy strategies, and best practices for tax preparation that promise to transform your filing season from a stress-inducing nightmare into a seamless and orderly process. 

From understanding how to maximize your deductions, to organizing your financial paperwork, to deciding whether to enlist the help of a professional, we'll equip you with all the tools and knowledge you need to tackle your tax preparation with confidence and ease.

Organize Your Financial Records

The foundation of a smooth tax preparation process is well-organized financial records. To ensure accuracy and efficiency in preparing your taxes, follow these steps for organizing your financial documents:

1. Gather all essential documents: Begin by collecting critical financial records related to your income, deductions, and credits. These may include W-2 forms, 1099 forms, bank statements, receipts for charitable donations, and business expense documentation.

2. Categorize and sort your records: Separate your financial documents into clearly defined categories, such as income, business expenses, and deductions. This approach will make it easier to locate and reference specific documents when preparing your tax return.

3. Use a system for tracking expenses: Implementing a consistent method for recording and tracking your expenses throughout the year, such as financial software or a dedicated expense journal, can greatly simplify the tax preparation process.

4. Store documents securely: Keep your financial records in a secure location, whether it's a physical filing cabinet or encrypted digital storage. This ensures easy access to essential information while protecting your sensitive financial data.

Understand Your Tax Obligations and Deadlines

Staying informed about your tax obligations and deadlines is essential for avoiding penalties or other consequences. To ensure you're educated and prepared for tax season, consider the following tips:

1. Stay up-to-date on tax laws: Tax laws and regulations can change frequently, so make a point to stay informed about any updates or changes that may impact your tax return.

2. Identify the appropriate tax forms: Depending on your financial circumstances, you may need to complete various tax forms. Ensure you've correctly identified and obtained the necessary forms prior to beginning your tax preparation process.

3. Familiarize yourself with relevant tax credits and deductions: Research and understand the tax credits and deductions available to you, enabling you to maximize your tax savings.

4. Be aware of tax deadlines: Missing tax filing deadlines can result in costly penalties. Mark the relevant tax deadlines on your calendar, and consider filing your return early to avoid last-minute stress.

Avoid Common Tax Filing Mistakes

Mistakes during the tax preparation process can lead to delays, penalties, or even audits. To safeguard against errors, follow these guidelines:

1. Double-check your personal information: Confirm that critical details, such as your Social Security number and address, are correct on your tax return.

2. Report all income: Ensure that you report all forms of income, including freelance work, investment income, or gig economy earnings.

3. Verify your deductions and credits: Carefully review your deductions and credits to ensure you’ve followed the guidelines and have correctly calculated the amounts claimed.

4. File electronically: Electronic filing reduces the likelihood of errors and offers faster processing times for tax refunds.

Partner with Advance Tax Relief for Expert Tax Preparation

Enlisting professional tax preparation assistance from Advance Tax Relief offers numerous benefits, including:

1. Accurate and compliant tax filings: Experienced tax professionals possess thorough knowledge of tax laws and regulations, ensuring your return is completed accurately and in compliance with current tax legislation.

2. Time-saving convenience: Outsourcing your tax preparation can free up valuable time, allowing you to focus on your personal and professional goals without the distraction of tax season stress.

3. Proactive tax planning: Advance Tax Relief can also assist with proactive tax planning strategies, identifying opportunities for tax savings and advising on strategies to minimize your tax liability for future filing seasons.

4. Audit support and representation: Should you face an IRS audit, Advance Tax Relief can provide expert guidance, support, and representation throughout the process, alleviating your concerns and simplifying a potentially overwhelming experience.

Achieve a Stress-free Filing Season with Advance Tax Relief

Implementing best practices for tax preparation can help ensure a smooth, stress-free filing season, allowing you to concentrate on your financial objectives with confidence. Advance Tax Relief, a leading tax resolution company in Houston, Texas, is dedicated to providing expert tax preparation services, ensuring accuracy and compliance in your tax filings, and offering support for future tax planning and potential audit situations.

Discover how our experienced team can simplify the tax preparation process, enabling you to approach each filing season with confidence and ease. Contact us today to explore our comprehensive tax solutions and services and begin your journey towards a hassle-free tax filing experience.

[oh-he-grows]

I was about to donate to my local University Master Gardener extension and the Arbor Day Foundation, but turns out the charitable tax deduction for Standard Deductions (which 95%+ of Americans take) was only for 2020 and 2021 as part of covid relief.

Now the only way to get any tax-advantaged benefit to charitable donations is to file with Itemized deductions.

In 2016, 35% of Americans filed itemized deductions.

In 2021, various sources say between 5% and 13% of households file itemized.

Republicans and Democrats have both been submitting proposals to allow charitable donations to apply regardless of standard/itemized deduction since 2017, but even after it was included for 2020 and 2021 it was allowed to expire and is now back to normal.

I can't even imagine the kind of impact this has had on revenue for charities and nonprofits, eliminating any kind of incentive for the average American to donate their already-dwindling paycheck. The American public and both political parties want to be able to donate, but the incentive is not there anymore. Fucking sort it out.