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  1. #1

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    Any one here know income tax stuff?

    I got a letter today from the university of Montana saying they were so pleased with my donations of adaptive equipment . They sent me a letter and it stated I donated almost $5,000 dollars worth of adaptive equipment ( I gave a awsome tilt and space wheelchair,( rifton shower chair and adult convaid stroller all in new condition ) the letter says its is to be used for tax purposes . Tey found new homes for the equipment and were so happy.will this donation be good for me on my taxes?
    Should I do the long form ( I think we have to if we include donations right?
    And will it add to my refund? '

  2. #2

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    Re: Any one here know income tax stuff?

    I've done my taxes for years.It will help.The amount should be deducted from your taxable income.I always donate old clothes or whatever ,and you can claim these things.Any donation under $500 doesn't have to be explained.Anything over $500 does.You got that receipt,take that deduction.I would buy Turbo Tax for your computer.I used it for the first time last year and it found me an extra $400 on my return compared to me just using the tax book.Plus for like $20 they file it electronicly.I had my return deposited in my bank in 6 days.

  3. #3

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    Re: Any one here know income tax stuff?

    Psst Hey Karla, or you could go to HNR Block and file your taxes for free if you make under 30,000 a year. *winks*

  4. #4

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    Re: Any one here know income tax stuff?

    Quote Originally Posted by hakuna makarla
    I got a letter today from the university of Montana saying they were so pleased with my donations of adaptive equipment . They sent me a letter and it stated I donated almost $5,000 dollars worth of adaptive equipment ( I gave a awsome tilt and space wheelchair,( rifton shower chair and adult convaid stroller all in new condition ) the letter says its is to be used for tax purposes . Tey found new homes for the equipment and were so happy.will this donation be good for me on my taxes?
    Should I do the long form ( I think we have to if we include donations right?
    And will it add to my refund? '
    Way to go Karla!!!! You will have to file a long form to claim the donations. If you usually get a refund, this will lower your tax liability, and therefore increase your refund.

    Take the earlier suggestion and go to H&R Block or Jackson Hewitt. I've always done my own taxes, but I have no idea how to do the long form.

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  5. #5

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    Re: Any one here know income tax stuff?

    Definetely will be good on your taxes. Depending on how much you make, a $5K reduction will help. Definetley need to itemize. Along with other expesnes you have (state taxes, medical expenses), you will benefit. You will need to submit proof and fill out the proper forms for this, but you have the proof. I would definetly do it. (I am an accountant) If you go to H&R block, just make sure you bring all this stuff. or you can just do it yourself.
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  6. #6

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    Re: Any one here know income tax stuff?

    Quote Originally Posted by SummerInFL
    Psst Hey Karla, or you could go to HNR Block and file your taxes for free if you make under 30,000 a year. *winks*
    ok, I make like way under 30,00 a year, so why do they make me pay 110.00 each year?
    And the long form one year cost me a huge amount!!
    I am excited that this donation may help. I need all the help I can get I pay off my cards each year with the taxes, or pay a years car payment but then I use the cards again and this year I am not! I am going to cut all but one card up and be free from them all. OYE I am in card hell!
    I hate to owe any one so I pay my bills on time and aoways pay and never skip a bill, this year no more card payments I am thru! If I do not have the cash I do not need the stuff ^Thank you all for your help, I always go to H&R block, have for 20 years. I hope this helps and that we can give more donations next year! I do the tithe, and such but never claim it, this year I will be claiming this donation Have a great day all of you !!!

  7. #7

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    Re: Any one here know income tax stuff?

    One thing to remember with itemizing- there is a standard deduction (can't remember what it is off the top of my head, its between 5-8000 depending on your situation. If the total of everything you would itemize is less then the standard deduction, then its pointless to itemize and you can fill out the short form.

    Turbo Tax is a lifesaver- you don't even have to buy the program if you don't want to- www.turbotax.com has the same information. I have used this to do my taxes for the past five years and I always get a refund. Its really easy to use. They also sell a deduction finder that will help you with deductions and estimate the value of goods you have donated.
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  8. #8

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    Re: Any one here know income tax stuff?

    Well, the big issue is what fling status you use, the standard deduction is based on your filing status... Here are the numbers for the 2005 tax year.

    Married filling jointly or qualifying widow(er) $10,000
    Heads of Household $7,300
    Singles $5,000
    Married filling separately $5,000

    I will presume that you are not 65 or older or blind, those folks get to add an additional amount to the Standard Deduction.

    Also, I presume you don't have a home mortgage, since you more than likely would be already itemizing.

    So what else get added to the Itemized Deductions.

    Medical expenses, but ONLY the amount above 7.5% of your income ($2,250 based on $30,000), and only out of pocket expenses (you don't get to count payments made by insurance).

    Next would be the amount of State taxes withheld from your paychecks, plus any amount you sent in, such as a balance due on the 2004 return.

    A portion of your Car registration (basically everything over $35, which doesn't count since it is a "fee" and not based on the value of the car).

    Then other charitable contributions, both in cash, such as money to the church, hurricane relief, etc...

    Also, other goods such as old clothing etc donated to Goodwill, Salvation Army, etc... You will have to add an additional form to Schedule A, Form 8283 to the return due to the large amount of non-cash given to the University.

    That is about it for most people, if you have declared gambling winnings, you are allowed to take up to that amount if you have losses.

    So if you file as Single, it will help you, more than likely, if you are Head of Household or Married, it will not.

    If you feel comfortable with a computer, buying a program like TaxCut or Turbo Tax (TaxCut tends to be less in price) is smart, if you have state taxes, such as California, get the Deluxe package, as it comes with the State software needed.
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  9. #9

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    Re: Any one here know income tax stuff?

    I am not smart, I always have h&r block do my taxes and I file head of house hold. So are you saying darkbeer its not worth it to add the contribution to my taxes? you guys are so smart, I want to thank you for all your help

  10. #10

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    Re: Any one here know income tax stuff?

    Quote Originally Posted by hakuna makarla
    I am not smart, I always have h&r block do my taxes and I file head of house hold. So are you saying darkbeer its not worth it to add the contribution to my taxes? you guys are so smart, I want to thank you for all your help
    Since you already use H&R Block, just bring the info, and look at my post regarding other things you can itemize, more than likely it won't help the Federal return, but it might help the State return.

    Provide the info to the preparer, and the computer will check to see which way is better.
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