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Wysłany: Pią 5:07, 25 Mar 2011
Temat postu: Tax Tips For Large Charitable Donations_1022
At the first sign of spring,
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, just when there may be a slight sense of calm after major winter holidays,
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, most of us get that sinking feeling that it's time to come to grips with the unavoidable... organizing paperwork for tax filing. Receipts and other deductibles are pulled from shoe boxes and drawers or for those more organized,
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, neatly filed folders with every verified item in tact. After engaging the "just do it" mindset, we willfully break through our mental blocks of the dreaded tax season and get moving, with a vow of self assurance that everything will add up correctly in the end. Now close your eyes... take a deep breath... release... and imagine a huge check in your mailbox with your name on it. "My all time favorite daydream."
Tip # 1: In order to qualify a charitable tax deduction - cash or goods, a verified and dated receipt or canceled check is required as proof. For those of you that may have donated cash or property worth $250 or more to a charitable organization, rules have tightened. You will need a letter from the charity stating details or property description and the value of the donation. If you received anything in return for your donation, it must be stated in the letter.
Tip # 2: To claim a donation of larger items, such as machinery, equipment, vehicles, boats,
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, etc., with a cumulative value of $500 or more,
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, you may need Tax Form 8283. One of the requirements of using Form 8283 is that the donated items are properly appraised by a qualified appraiser and completed before the donation is made. Both the charity and the appraiser must sign the Tax Form. Also, be aware that a separate appraisal and Form 8283 are required for each property item (valued $500 or more), except for items that are part of a group of similar items. Form 8283 can be filed by individuals, partnerships or corporations. Instructions and more details on requirements can be accessed on the IRS.gov website.
Tip # 3: Using a certified machinery or equipment appraiser for larger donations assures that the appraisal is written in compliance with the guiding principles of the Uniform Standards of Professional Appraisal Practice (USPAP), and in accordance with the "Code of Ethics & Competency" Appraiser Awareness Program, which is essential to meeting Federal guidelines. Appraisals should include photographs,
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, detailed property description (including year, make, model, serial number, mileage on vehicles, machine hours on equipment), condition, and the valuation or estimated Fair Market Value.
Tip # 4: To insure proper completion of your tax filing and escape the "audit monster," it is always wise to consult a qualified tax advisor for the most up-to-date filing guidelines.
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