Can somebody explain to me please how the tax write off for donations work?

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    Dec 03, 2013 2:29 PM GMT
    Its just a receipt right? I haven't read official orders on this and want to double check.
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    Dec 03, 2013 2:31 PM GMT
    Are these donations made from your business or personal?
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    Dec 03, 2013 4:37 PM GMT
    Well, I suppose it would be business. Do I need to have a Notary to be official?
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    Dec 03, 2013 10:07 PM GMT
    As with all write offs it's the honor system, from what I understand. For example, I bought a kitchen appliance that's Energy Star compliant so I'll be able to use that purchase as a tax write off. At some point during my session with Turbotax it'll ask me if I've bought something or spent money on Energy Star stuff, and how much I spent. I fill in the box. Done. It figures out how much to deduct for me.

    The proof is needed if you get audited. So keep your receipts and paperwork, and you can get audited by the IRS for up to 10 years after you've filed if I remember correctly.
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    Dec 03, 2013 10:13 PM GMT
    This is why the news media makes such a big deal about politicians claiming charitable and other deductions. No proof is required when you file your taxes, only if you get audited. So it's easy to lie, and if you have a good lawyer, to perhaps cook up the paperwork when you do get audited.
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    Dec 03, 2013 11:11 PM GMT
    LitAwake saidWell, I suppose it would be business. Do I need to have a Notary to be official?



    No, you do not need a notary. What exactly did you donate? Was it a cash donation or was it a product your company produces? If it's the later, you can only write off what it costs you to make it, not the full retail price.
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    Dec 04, 2013 12:53 AM GMT
    Scruffypup said
    LitAwake saidWell, I suppose it would be business. Do I need to have a Notary to be official?



    No, you do not need a notary. What exactly did you donate? Was it a cash donation or was it a product your company produces? If it's the later, you can only write off what it costs you to make it, not the full retail price.


    How much can be written off for sperm donation?
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    Dec 04, 2013 1:39 AM GMT
    GAMRican said
    Scruffypup said
    LitAwake saidWell, I suppose it would be business. Do I need to have a Notary to be official?



    No, you do not need a notary. What exactly did you donate? Was it a cash donation or was it a product your company produces? If it's the later, you can only write off what it costs you to make it, not the full retail price.


    How much can be written off for sperm donation?

    Figure out what your hourly rates are and charge accordingly. icon_twisted.gif
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    Dec 04, 2013 4:04 PM GMT
    Scruffypup said
    LitAwake saidWell, I suppose it would be business. Do I need to have a Notary to be official?



    No, you do not need a notary. What exactly did you donate? Was it a cash donation or was it a product your company produces? If it's the later, you can only write off what it costs you to make it, not the full retail price.


    Well, i could write off the charges that Harrris County held against me for forgery seeing as how I provided advice to them for a way to make money with their inmates using a syphon and the property they confiscate while I was in jail. Whats the amount Dear Abby makes? I know that an average Tarot reading is ten bucks.
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    Dec 04, 2013 4:07 PM GMT
    As Treasurer I hereby proclaim all student loans qualified for donation tax write offs.
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    Dec 04, 2013 4:13 PM GMT
    LitAwake saidWell, I suppose it would be business. Do I need to have a Notary to be official?

    I write tax letters almost daily for exempt donations to a 501(c)(3) organization (The SMART Ride). I use organization letterhead, and an official signature block, plus include the IRS identification code. The IRS accepts these, when filed with a Federal tax return. A Notary Public seal is not required.

    Your receipt should include the tax-exempt identifier number issued by the IRS to that organization. If it does not you may have difficulties.
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    Dec 07, 2013 6:19 PM GMT
    ART_DECO said
    LitAwake saidWell, I suppose it would be business. Do I need to have a Notary to be official?

    I write tax letters almost daily for exempt donations to a 501(c)(3) organization (The SMART Ride). I use organization letterhead, and an official signature block, plus include the IRS identification code. The IRS accepts these, when filed with a Federal tax return. A Notary Public seal is not required.

    Your receipt should include the tax-exempt identifier number issued by the IRS to that organization. If it does not you may have difficulties.


    Thank you for your advice.

    I decided that Donations over $250 won't be in the game for my musical chairs competition, but will still get publicity.
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    Dec 10, 2013 8:42 PM GMT
    What can also apply to the donations write off qualification are gift cards which give a margin of their revenue from purchasing the gift card to charities.