stuboo can vouchon giving more away (+2)

originally posted on Wednesday, January 24, 2007 6:47 PM

I won't go into all the reasons I think folks should give to charity, I'll just stick to this one.

Charitable giving is a great way to save money on your taxes and put your money to good use as well. Gifts of highly appreciated assets (like stocks or bonds with high appreciation) are the best assets for giving and will likely save you the most in taxes. I would also recommend budgeting your giving each year so that you know how much you plan to give away and which organization you plan to give it to. Many people who itemize their taxes make the mistake of giving several small (<$100) gifts each year and fail to list them under itemized deductions. Give regularly or in large chuncks to make tracking your deductions easier.

If you'd like me to keep going, just say so in a comment below :)

charity, deductions, gifts, giving, income, irs, money, taxes

2 comments

• memeplexes can vouchon giving more away

  Thanks for the tip :) I have made a few donations in '06 so it will be interesting to see how much they deduct. Is there any formula to predict savings?

  originally posted on Friday, February 16, 2007 6:44 PM

• stuboo says

  The trick with charitable giving (if you want to call it a trick) is that for it to really be fun on your taxes, you have to itemize your deductions. Charity Navigator has a great giving calculator that lets you know what your savings will be for a gift. Simply, it's the amount of the gift x your tax bracket.
  
  http://www.charitynavigator.org/index.cfm/bay/content.view/cpid/40
  
  It's my opinion that, for the average joe, tax savings isn't a big enough motivator to give money away. You should donate first because you feel good about the organization and the work that they do. The tax deduction is just the icing on the cake. Also, giving shows gratitude, which attracts more wealth into your life.

  originally posted on Saturday, February 17, 2007 5:01 AM

• can you vouchon giving more away?

  enter your comments here
  

mbartine can vouchon start a corporation (+1)

originally posted on Sunday, February 04, 2007 7:20 AM

I'm not an expert, but Robert Kiyosaki talks a lot about rich people getting richer by holding all their assets in corporations instead of through personal holdings. Worth thinking about.

save on taxes

richdadpoordad.com

2 comments

• mbartine says

  Oops...I didn't explain enough. You save on the amount of taxes you pay by holding your assets in corporations, because you can deduct expenses like mortgage payments, depreciation, etc.

  originally posted on Sunday, February 04, 2007 7:24 AM

• memeplexes can vouchon start a corporation

  So those type of expenses can't be deducted by an individual? It almost feels like cheating the system? How do you explain that you need to hold an asset like a house within the corporation?

  originally posted on Friday, February 16, 2007 6:43 PM

• can you vouchon start a corporation?

  enter your comments here
  

lakers08 can vouchon job change (+1)

originally posted on Thursday, February 15, 2007 9:53 PM

You can claim resume printing, driving to interviews, job counseling , etc. If you relocate for a job, you can claim movers, storage and the like. I just filed and raised my refund a hefty amount with self-paid relocation costs. Going back to school helps too.

refund, savings, tax

2 comments

• memeplexes can vouchon job change

  Good point! I am a self employed consultant, but i just "relocated" to a larger apartment to have a larger home office. Would that count as a deductible relocation?

  originally posted on Friday, February 16, 2007 6:43 PM

• lakers08 says

  That is an excellent question. For someone who is self-employed and perhaps a small business owner, a huge realm of deductions and credits are available that I am unfamiliar with. I would go on a limb to say that there is something to claim for the situation you describe... Maybe pay someone to do your taxes one year, and see what that person does and try it yourself next year. Or if the services are worth it, you will have a tax guy and entered the succesful old guy world. Perhaps others can add to this...

  originally posted on Friday, February 16, 2007 9:10 PM

• can you vouchon job change?

  enter your comments here
  

stuboo can vouchon paying an accountant (0)

originally posted on Saturday, February 17, 2007 5:07 AM

It's not cheap but a good accountant is well worth the money. My wife and I have been using an accountant to prepare our taxes since we got married. My wife does a great job tracking our income and expenses and the accountant takes that information and gets us the largest possible deduction.

You mentioned in an earlier comment that you're self-employed and this does complicate things a bit - because it gives you more options for deductions and structuring. Our cpa charges between $200-$300 to prepare our taxes each year.

Besides that, if you plan to stay in business for yourself, you need an accountant you can trust. S/he will be able to help structure your business on the front end so that you save the most on taxes, fees, expenses, etc. Hope this helps!

accountant, deductions, money, savings, services, taxes

0 comments

• can you vouchon paying an accountant?

  enter your comments here