 Can i really donate a car and get a tax refund? |
i found one site that will give me blue book for my car....
is it to good to be true?... autogiver.... |
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 If a business goes bankrupt does it still have to pay the IRS for taxes due? |
| Can you get out of paying the IRS if you file bankruptsy on your Corperation.... |
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 Tax deductions for stolen motorcycle? |
| During September of last year, my motorcycle got stolen from the basement of my apartment building in California. Total estimated loss is around $6,000. Is there a way to claim the entire or at least ... |
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 Who actually pays taxes? |
Who pays taxes in most states, out of whites, blacks, and hispanics?
The Census won't tell me what I need to know..
Where can I find this information?... |
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 My mom writes me personal checks for 750 every 2 weeks for working for her do I have to report this to the IRS |
Additional Details
She didnt put it on a 1099. Someone said they could track the money since it was paid by ... |
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 Didn't pay estimated taxes for 2007 for independent contractor work. Am I going to get fined? |
| I worked as a freelance video editor during 2007. I made about $12,000 during the year. Most of it during the months of September and August and November and December. Thanks to a lot of business ... |
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 Will my boyfriend get in trouble for not filing taxes for 2007? |
| he worked at demos while going to college in 2007. For a little while. Demos closed down and he never got his W2's and doesn't know anything about taxes. Therefore he didn't file any ... |
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 Got an e-mail that I'm Eligible for a refund??? |
After the last annual calculations of your fiscal activity we have determined that
you are eligible to receive a tax refund of $268.32
Please submit the tax refund request and allow us 2-3 ... |
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 If two peole carried the same kid on their taxes by mistake how can that be fixed and what are the results? |
| For example my daughter's grandmother carried her last year....but this year I'm carrying her if the grandmother still carries her after knowing that I am what will the results be? And how ... |
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 I cant understand that if my ss# is 30 why havent I recieved my stimulus check? What is the deal.? |
| I did my taxes on january 19th and recieved my funds on February 9th, my last two ss# is 30. SO how come everyone else have recieved their checks but me.... |
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 If you win the power ball lottery do you get taxed each year or just once.? |
| I,m new to the lottery so i dont know how it quite works if you win i know you get taxed and stuff. but do they consider it income each time you file your taxes. say a person quit his job after he ... |
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 April Taxes Bring......? |
| Why are taxes do in A... |
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 Can you figure this out? |
| i made 356.00 in 2006. i paid 320.00 per month for lot rent for 6 months will i get anything back from goverment?... |
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Gui | Is this true? |
Someone told me that those (famous) people who donate money to charity do it (mainly) because by donating a certain amount of the money they make precludes them of having to pay as much income taxes. So, in the end, the money they donated and the money they would have to have paid as income tax evens out. Is this true? If so, how does all of that junk work? In not, would you still donate 1 million dollars if you were a multimillionaire? |
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Dave T
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There is very little or no benefit to the famous or very rich to donate to charity. Any charitable contribution is reported on Schedule A and filed with your income tax return. A person can take either the Standard Deduction Amount of the Schedule A Deductions which ever is higher, but as a persons Adjusted Gross Income exceeds a set dollar amount both the Standard Deduction Amount and Schedule A Deductions phase out to zero, resulting in no benefit to the person for making the charitable contribution.
Visit the IRS web site at www.irs.gov and click on forms. Look at page 2 of Form 1040 for the phase out amounts.
Hope this helps. |
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ninasgramma
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You cannot eliminate income tax by giving to charity. Charitable donations are generally limited to 50% of the taxpayer's adjusted gross income. So the taxpayer still has to pay tax on the rest. Charitable donations in excess of 50% of income can be carried forward.
Oprah's gift to the audience was not a charitable donation, since the cars were not given to a charity.
Taxes are not the only reason to give to charity and as you see do not eliminate income tax for the donor. |
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Judy1
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No, it doesn't come even close to evening out. If you are in a 35% bracket, the highest bracket, donating a million dollars saves you at most $350,000 in taxes, the other $650,000 still comes out of your pocket. |
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bostonianinmo
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Spending money to save taxes is ALWAYS a losing proposition; it NEVER "evens out.". The tax rate would have to be 100% for that to happen and the highest tax rate is currently 35%. There are further limitations to charitable donations as well so it never saves in taxes what the donations cost.
People donate to charity for the good that it will do, not for the tax deduction. |
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wartz
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Donating one dollar costs a megarich person in my state,California, roughly 55 cents saving 35 cents in federal tax and 10 cents in state tax. |
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pravin k
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Paying Donation as an Motive to Deny the tax liability does not work.
I don't Know how to explain, but i Try my best
We all Know that liability to tax is outgoing from our tax.
When one earns Rs. 100 he/ She Pay Rs. 33/- as Tax ( at max. rate approx)
If you donate how much u earn that means your outgoing is more by Rs. 57. |
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sam
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tum 1 paisa doge to malik 10 lakh dega |
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spongeyboob
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Oprah did it when she gave everybody a car it can be considered as a tax write-off because your giving away charity.....it doesn't matter the amount as long as you are giving charity..... |
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