03-09-2013, 03:31 PM | #1 | ||
Grizzled Veteran
Join Date: Nov 2007
Location: non white trash MD
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Any CPAs?
question about taxes and deducting donations. Turbo Tax always tells me im at low risk of being audited. I assume this is because I never deduct donations. How much can you donate before you become an audit risk? I need to clean out my basement (lots of clothes from when I was 40 lbs less, and old kitchen crap I had when I was young). I have seen the ammounts you deduct for that stuff.... quite impressive
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03-09-2013, 07:14 PM | #2 |
Coordinator
Join Date: Jul 2003
Location: Here and There
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03-09-2013, 09:55 PM | #3 |
Grizzled Veteran
Join Date: Nov 2007
Location: non white trash MD
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hmmm.... thanks!
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03-09-2013, 10:04 PM | #4 |
Hall Of Famer
Join Date: Dec 2003
Location: the yo'
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I wonder if it will flag since you haven't previously done it and perhaps splitting it up over 2 years would better (or potentially worse)
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03-09-2013, 10:05 PM | #5 | |
Grizzled Veteran
Join Date: Nov 2007
Location: non white trash MD
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Quote:
thats actually where I was going with this... I have taken green credits, but never actual donation credits... and I have LOTS of crap i can give away...
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03-10-2013, 12:58 AM | #6 |
Pro Starter
Join Date: Jan 2002
Location: Pittsburgh
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If you are donating to legit organizations, get receipts of the estimated fair market value of your donations. Problem solved.
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03-10-2013, 10:57 AM | #7 |
Grizzled Veteran
Join Date: Nov 2007
Location: non white trash MD
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oh i will be, but i still wanna avoid an audit
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03-10-2013, 11:53 AM | #8 |
Coordinator
Join Date: Jul 2003
Location: Here and There
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It'll probably depend on the % of your income that it represents. So like 5% no problem. 50% probably would trigger a computer flag. If you're self employed, then the margin is probably much smaller.
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03-10-2013, 10:37 PM | #9 |
College Starter
Join Date: Aug 2002
Location: Strong Island, NY
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Let me ask you this:
Do you use a standard deduction or do you itemize? If you use your standard deduction - then I wouldn't even bother. |
03-10-2013, 10:50 PM | #10 |
Grizzled Veteran
Join Date: Nov 2007
Location: non white trash MD
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I have a mortgage.. so I itemize.
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Dominating Warewolf for 0 games! GIT R DUN!!! |
03-11-2013, 09:51 PM | #11 |
College Starter
Join Date: Aug 2002
Location: Strong Island, NY
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then I'd listen to Suburban Rhythm.
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