What Is The Fair Tax And Why Should You Care? The U.S. Federal Income Tax Code is a tax on the income of American companies and citizens enacted by the government. The U.S. Constitution gives Congress the power to impose taxes, duties, imposts, and excises. The purpose of the Tax Code is to provide income for the operation of the government. The Tax Code is found in Title 26 of the U.S. Code of Federal Regulations (CFR). Any U.S. citizen who has…
Filed under Tax Refunds by on Nov 23rd, 2009.
On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car. Fair Market Value v. Actual Sales Price When donating a car to charity, a taxpayer traditionally was allowed to deduct the fair market value. The new law changes this valuation to the actual sales price of the vehicle when sold by t…
Filed under Tax Refunds by on Aug 9th, 2009.
from the makers of TurboTax®, provides a simple solution to determining fair-market values. Updated annually, with assessments for over 1,000 categories, including jewelry, clothing, baby supplies, small appliances, exercise equipment, toys, and furniture, this easy-to-use workbook shows taxpayers how to accurately value their donated items, eliminating the guesswork and ensuring the full tax deduction to which they are legally entitled. The boo…
Filed under Books by on Jan 23rd, 2010. 5 Comments.
Donating a car to charity is not that difficult. However, you need to be aware of the tax regulations before you donate your car to a non-profit organization. The IRS provides some general rules of thumb on car donations: Starting in 2005, if the claimed value of your donated car exceeds $500 and the item is sold by the charitable organization, your tax deduction is limited to the amount of money the charitable organization actually receives fro…
Filed under Tax Refunds by on Aug 10th, 2009.