Charitable contributions are deductible only if you itemize deductions on Form 1040, Schedule A.
To be deductible, charitable contributions must be made to qualified organizations. Qualified organizations include, but are not limited to, Federal, state, and local governments and organizations organized and operated only for charitable, religious, educational, scientific, or literary purposes, or for the prevention of cruelty to children or animals. Organizations can tell you if they are qualified and if donations to them are deductible.
If your contribution entitles you to merchandise, goods, or services, including admission to a charity ball, banquet, theatrical performance, or sporting event, you can deduct only the amount that exceeds the fair market value of the benefit received.
For a contribution of $250 or more, you can claim a deduction only if you obtain a written acknowledgment from the qualified organization. You generally can deduct your cash contributions as well as the fair market value of any property you donate to qualified organizations. The fair market value of most household or personal items is generally much less than the price paid when new. You should claim only what the item would sell for at a garage sale, a flea market, or a second hand or thrift store. You must fill out Form 8283 Section A, if your total deduction for all noncash contributions is more than $500. If you make a contribution of noncash property worth more than $5,000, generally an appraisal must be done. In that case, you must also fill out Form 8283 Section B. Attach Form 8283 to your return.
Generally, if property you contribute increased in value while you owned it, you may not be able to deduct its full value. You may have to make an additional computation which includes the property's cost to determine the deductible amount of your contribution.
Contributions you cannot deduct at all include contributions made to specific individuals, political organizations and candidates, the value of your time or services and the cost of raffles, bingo, or other games of chance. You cannot deduct contributions that you give to qualified organizations if, as a result, you receive or expect to receive a financial or economic benefit equal to the contribution.
Although you cannot deduct the value of your time or services, you can deduct the expenses you incur while donating your services to a qualified organization. If the expenses are for travel, which may include transportation and meals and lodging while away from home, they may be deducted only if there is no significant element of personal pleasure, recreation, or vacation in the travel. Actual costs of gas and oil can be deducted, or you can choose to take 14 cents per mile for using your own car.
Deductions for contributions in excess of 20% of your adjusted gross income may be limited depending on the type of property or the type of organization the donation is contributed to.
Who are CPA Moms?
“CPA Moms” is a trade name given to Accounting and Tax Professionals who chose to work in an “relaxed” environment.
Some "MoMs" work from home, other work from personal offices.
|| Not all are MoMs, there are some Dads.
|| We call them Mr. Tax MoMs and CPA Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates.
Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member of the CPA Moms, the Tax Professional must ALWAYS be in good standing with their state licensing agency (if there is one), experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company, has developed marketing and on line systems to help qualified Tax Professionals work from their “relaxed” environment
and offer better service at a lower price to the consumer.
Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work.
Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of the “Moms” organization click on the Better Business Bureau icon below.
CPA Moms (CPA)
To be a member of CPA Moms/Dads, the professional must be in good standing with their state licensing CPA agency or IRS.
Enrolled Agent (EA)
Enrolled Agents are licensed by IRS. Unlike a Professional Tax Preparer, an Enrolled Agent or CPA can represent you at an audit without your physical presence.
Professional Tax Preparer (Tax MoMs)
To be member of Tax Moms/Mr Tax Moms, a tax professional does not have to be licensed by any government agency, but must have tax experience.