|
| |
Charities
Valuing Non-Cash Donations
Most people forfeit legitimate deductions for
items they give to charities because it's too much hassle to keep track of them.
The best values to use for things such as old clothes and appliances is what
they would cost at a thrift store or private yard or garage sale. You can
find a chart with ranges of
values
here from the Salvation Army. There is even a special software program
that you can buy from a
private company
that will help you keep track of your donations throughout the year. It
will assign the appropriate values and even print up the required documentation
for your tax return, including IRS's Form 8283.
WorkSheets For NonCash Donations (PDF):
Celebrity Charities:
A popular
strategy is for celebrities to shelter their money from taxes by establishing
charitable foundations. The funny thing is, very little of the money
actually makes it to doing any good for the charitable purpose allegedly
underlying the foundations. The industrious folks at
The Smoking Gun have uncovered
official
documents on the charitable foundations established by several celebrities.
Very interesting reading.
This Page Was Updated:
Saturday, April 08, 2006 09:00:49 PM
Ozarks Time by KMK
|
