Anonymous
03/11/2014 10:19
Subject: Re:I don't even know how to title this question but it has to do with taxes
Anonymous wrote:I don't think the $392 is tax deductible since it was for a party. Unless that is what you spent on items for donating to the SPCA or how much you paid the SPCA over and above the cost for the space.
+1 - You received a service in exchange for the money you paid the SPCA. Not tax-deductible.
Anonymous
03/11/2014 10:03
Subject: I don't even know how to title this question but it has to do with taxes
Not all non-profits are equal, unfortunately this gives those that try (keep admin cost under 10%, some under 7%) to get assistance to their target population - a bad image.
An image that isn't helped when one learns that the CEO of a particular non-profit earns $1M plus in salary and benefits.
Give when you can, but don't listen to naysayers & critics alike! Paz.
An image that isn't helped when one learns that the CEO of a particular non-profit earns $1M plus in salary and benefits.
Give when you can, but don't listen to naysayers & critics alike! Paz.
Anonymous
03/08/2014 11:33
Subject: I don't even know how to title this question but it has to do with taxes
Anonymous wrote:Let me get this straight: You earn $70,000 a year and don't donate to charity at all?
Wow.
Are you kidding? Is this a joke? I don't make $70k and don't donate to charity and if I did make as much as $70k I still wouldn't. I earn my money to put a roof over my head, heat and light the house, and food on the table. Not so some non-profit can use my money for some convoluted cause.
Anonymous
03/08/2014 11:04
Subject: I don't even know how to title this question but it has to do with taxes
Anonymous wrote:Anonymous wrote:Let me get this straight: You earn $70,000 a year and don't donate to charity at all?
Wow.
Oh shut up.
Umm...I make 100K and spent 40K on legal fees, 20k on daycare, 18K on rent. Then of course I need to buy food, save, etc. Is giving to charity always something single Moms can do? No.
FWIW I gave $50 to my college. Someday I will give more, but who are you to judge?
Anonymous
03/08/2014 10:50
Subject: I don't even know how to title this question but it has to do with taxes
Anonymous wrote:Let me get this straight: You earn $70,000 a year and don't donate to charity at all?
Wow.
Oh shut up.
Anonymous
03/08/2014 07:28
Subject: I don't even know how to title this question but it has to do with taxes
Let me get this straight: You earn $70,000 a year and don't donate to charity at all?
Wow.
Wow.
Anonymous
03/08/2014 07:03
Subject: Re:I don't even know how to title this question but it has to do with taxes
I don't think the $392 is tax deductible since it was for a party. Unless that is what you spent on items for donating to the SPCA or how much you paid the SPCA over and above the cost for the space.
Anonymous
03/08/2014 01:32
Subject: I don't even know how to title this question but it has to do with taxes
Anonymous wrote:OP, just to clarify- everyone takes deductions. people can either itemize their deductions (this would be things like charitable donations, state income taxes, mortgage interest, etc) OR take the standard deduction (6,100). If your itemized deductions don't add up to be more than the 6,100, then you just take the 6,100 as your deduction.
Okay thanks. So I guess I take the $6,100 since that's more than $392. Thanks for breaking it down for me.
Anonymous
03/07/2014 23:19
Subject: I don't even know how to title this question but it has to do with taxes
OP, just to clarify- everyone takes deductions. people can either itemize their deductions (this would be things like charitable donations, state income taxes, mortgage interest, etc) OR take the standard deduction (6,100). If your itemized deductions don't add up to be more than the 6,100, then you just take the 6,100 as your deduction.
Anonymous
03/07/2014 23:10
Subject: I don't even know how to title this question but it has to do with taxes
Yes you do. You take a standard deduction.
Anonymous
03/07/2014 22:01
Subject: I don't even know how to title this question but it has to do with taxes
Anonymous wrote:Itemizing is only advantageous to you if you have enough items to make up for the standard deduction. E.g. Mortgage interest deduction, state taxes, charitable donations, etc.
But, since you rent, it is likely that you don't have enough deductions to total more than the standard deduction, as PP said, so it doesn't matter in your situation.
OP here. Are those two conflicting statements, or am I misunderstanding you? I never take any deductions at all.
Anonymous
03/07/2014 21:58
Subject: I don't even know how to title this question but it has to do with taxes
Itemizing is only advantageous to you if you have enough items to make up for the standard deduction. E.g. Mortgage interest deduction, state taxes, charitable donations, etc.
But, since you rent, it is likely that you don't have enough deductions to total more than the standard deduction, as PP said, so it doesn't matter in your situation.
But, since you rent, it is likely that you don't have enough deductions to total more than the standard deduction, as PP said, so it doesn't matter in your situation.
Anonymous
03/07/2014 21:18
Subject: I don't even know how to title this question but it has to do with taxes
Anonymous wrote:Chances are you take the standard deduction and don't itemize, meaning do you deduct your state income taxes and each individual charitable deduction on schedule A, or do you just take the standard $6,100 on line 7 of your 1040?
If you don't itemize at all then it doesn't matter. If you do itemize, then you could take a deduction on schedule A for the portion of the cost that was a charitable contribution to the SPCA.
Generally in a situation like this the charity will give you a receipt telling you how much was a charitable deduction and how much was the fair market cost of the party. If you don't have that, you shouldn't/I wouldn't take the deduction, but I suppose you could try to figure out what the cost of the party was (including space rental and whatever else they did for you) and deduct whatever the extra cost to you was.
Yes, itemizing! That's the word I couldn't think of, thank you. I normally neither itemize NOR make any charitable contributions.
Anonymous
03/07/2014 21:09
Subject: I don't even know how to title this question but it has to do with taxes
Chances are you take the standard deduction and don't itemize, meaning do you deduct your state income taxes and each individual charitable deduction on schedule A, or do you just take the standard $6,100 on line 7 of your 1040?
If you don't itemize at all then it doesn't matter. If you do itemize, then you could take a deduction on schedule A for the portion of the cost that was a charitable contribution to the SPCA.
Generally in a situation like this the charity will give you a receipt telling you how much was a charitable deduction and how much was the fair market cost of the party. If you don't have that, you shouldn't/I wouldn't take the deduction, but I suppose you could try to figure out what the cost of the party was (including space rental and whatever else they did for you) and deduct whatever the extra cost to you was.
If you don't itemize at all then it doesn't matter. If you do itemize, then you could take a deduction on schedule A for the portion of the cost that was a charitable contribution to the SPCA.
Generally in a situation like this the charity will give you a receipt telling you how much was a charitable deduction and how much was the fair market cost of the party. If you don't have that, you shouldn't/I wouldn't take the deduction, but I suppose you could try to figure out what the cost of the party was (including space rental and whatever else they did for you) and deduct whatever the extra cost to you was.
Anonymous
03/07/2014 21:02
Subject: I don't even know how to title this question but it has to do with taxes
I earn 70k a year, and rent. Each year I do my own taxes using Tax Act and it's very simple and straight forward.
This year I spent $392 on hosting DD's birthday party at the SPCA, a non-profit, and they referred to the party as a "birthday benefit event." I was going to do my taxes this weekend and was wondering if I can NOT pay taxes on the $392? I forgot what this is called but I've never done it before. Would this benefit me financially?
Also not ALL of that $392 was paid to the SPCA, some was for the pizza, the cake, the plates, etc. Can I still include that total since it was all for an event at the SPCA? Thank you!
This year I spent $392 on hosting DD's birthday party at the SPCA, a non-profit, and they referred to the party as a "birthday benefit event." I was going to do my taxes this weekend and was wondering if I can NOT pay taxes on the $392? I forgot what this is called but I've never done it before. Would this benefit me financially?
Also not ALL of that $392 was paid to the SPCA, some was for the pizza, the cake, the plates, etc. Can I still include that total since it was all for an event at the SPCA? Thank you!