Do's and Don'ts of Charitable Contributions - KTUL.com - Tulsa, Oklahoma - News, Weather & Sports

Do's and Don'ts of Charitable Contributions

Posted: Updated:

With another year coming to a close, it's time to think about getting in those charitable contributions. The IRS rewards you with tax deductions for giving to charities, but there are lots of rules regulating how to go about writing off your generosity.

Kiplinger is out with a list of what's deductible, from A to Z.  It's a good place to start as 2010 comes to a close. Here are a few of them:

  • If you drove while performing services for a charity, you can deduct 14 cents per mile.
  • If you give property with a total value of more than $500, you'll need to file Form 8283 and give some details about it.
  • You may wonder if your donated services are deductible.  They aren't. You do not get to write-off the value of your labor you contribute to charity.  Only your out-of-pocket expenses are deductible.
  • For those really generous, generally, your deduction for donations to charity in one year cannot exceed 50% of your adjusted gross income for that year.  But if it's more it can be carried over for the following five tax years to reduce income then.
  • And, as always, get a receipt from the charity.  You'll need it when you file next April to substantiate every donation you deduct.

Click here for the complete list of Kiplinger's "what's Deductible? -- A to Z.

  

  • NewsMore>>

  • A New Approach To Neglected Lots

    A New Approach To Neglected Lots

    "It's a black and white issue, or in this case, green and yellow. "It's terrible," said Danley Clow, "it is just unbelievable the way they let it go."He has a gorgeous yard himself, and spends a couple of days a week keeping it in pristine condition. But across the street..."This is just pitiful," he said.It is a tiny strip of land, that's changed hands time and again. The last time at county auction. The new owner says Mr. Clow, has yet to mow it, and it got very overgrown before someone cal...More >>
    "It's a black and white issue, or in this case, green and yellow. "It's terrible," said Danley Clow, "it is just unbelievable the way they let it go."He has a gorgeous yard himself, and spends a couple of days a week keeping it in pristine condition. But across the street..."This is just pitiful," he said.It is a tiny strip of land, that's changed hands time and again. The last time at county auction. The new owner says Mr. Clow, has yet to mow it, and it got very overgrown before someone cal...More >>
  • Investigation Continues After Mother, Son Found Dead in Midtown Home

    Investigation Continues After Mother, Son Found Dead in Midtown Home

    Investigators stated that both individuals were found with fatal shotgun wounds. No signs of a struggle were reported inside the residence, according to a statement from the Tulsa Police Department.More >>
    Investigators stated that both individuals were found with fatal shotgun wounds. No signs of a struggle were reported inside the residence, according to a statement from the Tulsa Police Department.
    More >>
  • True Love Never Changes

    True Love Never Changes

    Life can sometimes change you as dramatically as an aluminum can in a crusher. It was roughly 60 years ago when George Mercer lost his arms in an industrial accident.George recounted that day with his co-worker, saying "And so he started it back up. Raised it up off of me and I come up with this hand this arm hanging straight down, this one down. A little bit of skin a holding them on."He was undoubtedly different, and yet still the same, when just a week later he called out to his wife Claud...More >>
    Life can sometimes change you as dramatically as an aluminum can in a crusher. It was roughly 60 years ago when George Mercer lost his arms in an industrial accident.George recounted that day with his co-worker, saying "And so he started it back up. Raised it up off of me and I come up with this hand this arm hanging straight down, this one down. A little bit of skin a holding them on."He was undoubtedly different, and yet still the same, when just a week later he called out to his wife Claud...More >>
Powered by WorldNow

P.O. Box 8 Tulsa, OK 74101-0008

Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and KTUL. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.