This is a donation to a charity (A church or an organization that has nonprofit status with IRS). If you itemize deductions the form will show you exactly how to take these deductions. You’ll need a receipt for what you gave and the IRS is much tighter on that this yr. If you gave a […]
Written on Monday, June 23rd, 2008 by guadalupespears :: 0 comments to this post
This is a donation to a charity (A church or an organization that has nonprofit status with IRS). If you itemize deductions the form will show you exactly how to take these deductions. You’ll need a receipt for what you gave and the IRS is much tighter on that this yr. If you gave a lot you can potentially increase your refund by doing that but you have to do the paperwork it doesn’t just automatically show up in the check. It is far from nonsense but you need to figure your taxes both ways (itemized or standard deductions) to see what gets you the most money back or makes you pay the least. For example if you toss a few $1 inn the offering plate once or twice a month, drop a few coins in the Salvation Army bucket, and drop off some old clothes at the thrift store and buy an MDA shamrock once a year and that’s about it take trhe standard deduction. If you tithe regularly and make extra offerings at church, volunteer to help a 4H or scout group and buy a leader’s uniform, and drive your car to do this volunteering and decide to donate that boat your uncle left you to a charity since you hate sailing you may find itemizing deductions will be best for you financially. Go to www.irs.gov for more info.
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