22
Jan

Tax Deductions for Charitable Donations

Posted by admin

Especially given the recent circumstances in Haiti, there are many reasons to give to charities around the world and closer to home. Giving money to a charity can make you feel good about your contribution to the human race, but you can also get a great tax deduction from the money that you give to the charity of your choice.

Remember that the President’s new budget calls for the tax deduction for people earning over $250,000 to be reduced. Beyond that you should be able to file your deductions from your contributions to qualified charities.

Check in The Mail

Remember that the contribution that you make must be in the same year as you are filing for income tax and the deduction becomes eligible as soon as you put a check in the mail or the money gets charged to your credit card. It’s important that you make sure that the charitable organization that you are contributing to is in fact qualified within a category  under the 501(c)(3) designation.

Remember the tax deductions are not allowed when you make contributions to a foreign government or an individual and that some religious organizations are in fact exempt without having to have the proper designation.

It’s important to remember as well that there are another set of rules that govern nonmonetary contributions and you should consult a tax specialist to see how these things like furnishings can be handled.

Payday Loan Versus Tax Refund Loan

Of course the whole idea in itemizing all of your deductions is so that you might wind up getting a tax refund as opposed to having to pay.  While getting a tax refund loan is tempting to many people, there are several reasons why you should be careful about pursuing this kind of money. In fact, once you see the facts you’ll have to agree that getting a payday loan is much more convenient than getting a tax refund loan.

Remember that it’s always possible that the person preparing your taxes might increase the amount of the refund they think you will get back so that they can get a higher fee on a tax refund loan. That means that you could be stuck in the lurch if you don’t get the same amount of money back as the preparer tells you.  In fact, you could wind up having to pay if your tax refund loan is more than your tax refund.

A Hassle Free Payday Loan

This is the kind of problem you won’t have with a hassle free payday loan. Remember that all the regulations are laid out clearly with a payday loan and the direct payday lenders that give these out are always up front about all the financial conditions for each one. It’s also important to remember that a pay day loan is based on the amount of the borrower’s next paycheck which is a number they can always rely on.

This news blog post was brought to you by Pay1Day.com, a direct payday lender offering payday loans and current news briefings for the busy people.

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