The charity acknowledges that I raised $10K. I have receipts to show I spent, for example, money to put on a dinner where participants paid $60 a plate. All of that money was donated to the charity. Is this incurred cost tax deductible? Thank you.
2007-03-20 05:48:39 · 9 answers · asked by @SanDiegoTim 2 in Business & Finance ➔ Taxes ➔ United States
Yes, your out-of-pocket expenses for the caritable organization's fundraiser are deductible. The value of your own time is not, contrary to what one poster stated.
2007-03-20 06:35:00 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
You don't need a 'tax professional.'
What those kind of people don't tell you is, what they charge you for, IRS will do the same or better for free.
I would say that with the verification you have, you can deduct that from your income taxes but to be sure, go to the nearest Social Security office. There will be one someplace as close as in your city or at least no further than a 45 minute drive away.
Take all of your tax information and I'd almost bet they'll find other deductions you can make.
They're not there to 'screw' you, they are really there to help.
They have agents to assist taxpayers with questions about taxes and they are 'USER FRIENDLY,' nothing like the horrible jokes and wild stories you hear about them.
While you're there, the agent will very probably show you ways to save when making out you taxes. I've never met a bad IRS agent.
The first time I went they found a $350 overpayment.
If you call and make an appointment, you won't need to wait in line.
I've been thankful for several years that I went to them so long ago. I was overpaying and they got a refund check mailed to me.
2007-03-20 06:07:18 · answer #2 · answered by ha_mer 4 · 0⤊ 1⤋
If the charity is a registered charity, then yes, you can deduct the $500 as a charitable contribution if you itemize. If you take the standard deduction, then no.
Good job, by the way!
2007-03-20 15:17:07 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
in case you're scrapping a automobile for $3 hundred you're actually not getting any form of tax deduction at inquisitive approximately it. possibly you paid extra for the motor vehicle than $3 hundred so scrapping it for that quantity has no tax effects one way or yet another.
2016-11-27 00:49:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes
2007-03-20 05:51:05 · answer #5 · answered by the Boss 7 · 0⤊ 0⤋
Yes the $500 is tax deductibe.
2007-03-20 05:52:28 · answer #6 · answered by Ebony 2 · 1⤊ 0⤋
yes. as long as it is for charity.
2007-03-20 05:52:04 · answer #7 · answered by J 4 · 0⤊ 0⤋
yes, but consult a tax proffesional.
2007-03-20 05:51:32 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Should be. Check with your tax professional. You can deduct time also.
2007-03-20 05:51:46 · answer #9 · answered by travelguruette 6 · 0⤊ 4⤋