Make the most giving back this holiday season by getting a tax deduction for your charitable contributions. Whether you’re donating time or money this year, you can write-off expenses related to charitable gifts, or mileage driven to and from volunteering. For a free way to value your donated items, visit ItsDeductible Online (www.itsdeductible.com).
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Christopher Martins Dining Room in New Haven, Connecticut arranges an annual event on Thanksgiving Day. This includes dinner and distribution of toiletries, clothing, and food to those who are homeless or the working poor. The community pitches in to volunteer their time and energy in organizing and manning this event. This is their story.
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The following transaction is: Received a painting as a donation with a fmv of $15,000. What do I debit and credit?
Works of art, historical treasures, and other similar assets generally have to be capitalized at their historical cost (or estimated FMV at the time of donation) whether they are held as individual items or in a collection.
The estimated fair value of such asset at the date of acquisition is recorded by a debit to the asset account and a credit to Donated Equity (or some other appropriate title), a separate classification of the entity’s equity. The credit does not go to revenue in the income statement, cos that will be overstating the revenue, and consequently, net income.
I have a ton of baby clothing and articles as well as womens clothing I would like to donate. I could also afford to give books, paper and pens, feminine products, household items etc…. I don’t want to give cash and I don’t want to give to the local shelter- they already have overstock of donations from local stores.
I would like to give items continually and I am searching for an organization that delivers to foreign countries. Any information is appreciated.
you should find ways to help an organization pay the cost of sending these items overseas.
We all have problems with volunteering. I have a tax deductible charitable organization and I have to go out and find people in need of help to get other people to donate to us to help these people.
Seeing that you are in a chance to volunteer and there has been many problems there, in the country you want to help, it would be easy for you to get donations from people here in America, by channeling it through an organization that is tax deductible. This way people wont feel they are giving and not getting a benefit for giving.
I know this to be true because people will only give to my organization to help other people in other countries, most of the time, when they are sure the organization is legit.
If you want to get funds then you will have to get with a tax deductible organization like mines so that the communities here will be able to check the organization with the government and get a tax break on their donations. Then you will have to help that organization get the word out to the people so that the people will know they can give to your organization or cause through that organization, and the funds will come in. I know that the people here would pour money to you because they are always looking for ways to send money back to poor countries.
This is our website, (it is still being fixed); http://www.freewebs.com/salaam-ul-muslim…
And this is the government website where you can check that my organization and any other organization is real. http://www.irs.gov/app/pub-78/search.do?…
The word "charities" does not cover everything. The actual Charity i.e. Oxfam or whatever, can deduct all legal expenses. These include Directors salaries, managers salaries, travelling expenses, advertising etc. It is in fact a "Business" and run as such with the added advantage over other businesses that the "charity shops" are exempt from council tax. So a high of around 14p in the pound would get through here. Fair to say that expenses are monitered closely by the Charities Commission.
There are also "fundraisers". These are people and organisations, again run as a business who raise funds for the charaties. A lot, but not all ,of these will be found shaking boxes in the street, or selling you little charity booklets. These are NOT contralled by the Charaties Commission. The tin shaker takes about 30% the upline managers take even more. Eventually about 5p in the £ goes to the charity—and that is subject of them taking there bit. So through fundraisers I guess about 1p in the £ gets to dig the well or whatever.
Far better you see some local charitable cause and make an annonymous donation to them. They used to call it Tythe. ie a tenth of what you earn.
I have a website I am constructing. I have seen others using western union or paypal so donations may be sent to those doing mission work in foreign countries. We are starting self sustaining farms to assist orphans and it may be a easy way to get money to us on the field so we can purchase goats and chickens and pigs.
If you know how to use the service of western union or money gram and add it to my website so anyone wishing to send money directly online I would appreciate your imput. Thank you
all the sites i see that reference western union appear to be very manual. why can it not be a standard credit card?
I donate a small amount of clothes to Goodwill almost every year and a friend bought it to my attention that she didn’t believe it was a good idea because the Goodwill sells the clothes instead of giving them away.
My argument was that they also give you a receipt for tax purposes if you itemize your deductions every year.
But for some reason, I always thought they gave out charity donations to the homeless every year, am I right?
Goodwill is not really a charity that focuses on the homeless specifically. They’re more geared toward helping disadvantaged people find jobs. The money from donated materials typically goes toward job training and placement. I like what they do because it’s providing people with skills and jobs, so they can maybe one day be able to pay it forward. As far as taxes, all charities will give you a receipt for deduction itemization, so if you want to donate specifically to an organization that’s geared toward the homeless, you should.
It doesnt have to be picked up but if they did pick up that would help.
I dont think goodwill takes furniture and amvets dont and i have lots of furniture i need to get rid of.
Where or what companies will take my donations?
Goodwill does take furniture. They take about anything. If you do not want Goodwill, look for a thrift store, they take about anything too!
I really want to help orphen and abused kids. I am not financialy strong so I can’t give donations. I have two kids of my own. I am looking for a place where I can spend time with those kids who need love and affection. Can you people please tell me where to look and how to find a place like this. I am living in a very small town which is very close to Sacramento, California.
check out CASA they use volunteers to have with abused kids.
CASA is the only volunteer organization that empowers everyday citizens as appointed members of the court. In an overburdened social welfare system, abused and neglected children often slip through the cracks among hundreds of current cases. CASA volunteers change that. Appointed by judges, CASA volunteers typically handle just one case at a time—and commit to staying on that case until the child is placed in a safe, permanent home. While others may come and go, CASA volunteers provide that one constant that children need in order to thrive.
Are you ready to stand up for a child who needs you? Inquire today about the power you have to change a child’s life. Click on "Enter Zip" in the "Act Locally" Box above, enter your zip code and click on the "Search" button.
http://www.nationalcasa.org/volunteer/index.html
I’d like to start donating money to a charity that focuses on Africa or the Middle East but want to make sure that the money I donate is accounted for and goes directly to the family. My friend in Denmark contributes to a charity where the sponsor child and family writes to tell you what the money was spent on. Does something like this exist in the US, and is it credible? Thanks
Maybe you could ask your friend in Denmark what the name of the organization he is with is and see if you can find an American equivalent.
SOS children’s villages generally have a good reputation, you can find more information about it on these websites:
http://www.soschildren.org/
http://www.sos-childrensvillages.org/
The next link is for one of the most well-known organizations that will allow you to sponsor a child and also write / receive letters.
http://www.planusa.org/
I tried googling on this, and one of the websites that came up was this:
https://www.children.org/pm_children1b_control.asp?TRKID=20591S10743330&RS_ID=2
Good luck with your worthy endeavor.