Monthly Archives: May 2015

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Charitable gifts, defined

Charitable gifts are defined by the IRS, at least for the purpose of qualifying for a charitable deduction from federal income tax. A review of statutes and caselaw show that the IRS attributes several major characteristics to charitable gifts: Charitable intent. There must be a clear and unmistakable intention on the part of the donor… Read more »

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Corporations and charitable gifts

A corporation that files its own tax return can deduct charitable gifts up to 10% of its taxable income. Taxable income for this purpose is calculated without the following. The deduction for charitable contributions. The dividends-received deduction. The deduction allowed under Internal Revenue Code Section 249 [relating to deduction of bond premium on repurchase]. The… Read more »

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Even LeBron James can’t do this.

Let’s say you are LeBron James. And you/Lebron, volunteer often for your favorite charity. Can you deduct the value of your services? No, not even a superstar athlete can deduct the value of his services. The IRS does not allow a charitable deduction for volunteering your time. However, out of pocket expenses relating to volunteering… Read more »