Just a Little Reminder...

April 30, 2019

Just a couple of quick reminders for you today.

 

Iowa Form IA1040

Don't forget to file your Iowa return and pay any Iowa tax...they are DUE TODAY!

 

Documenting Donations

Spring brings about spring cleaning and often non-cash charitable contributions of good or better condition household items and clothing.  Be sure to maintain proper documentation so you can claim a charitable contribution.  

 

When you make the donations, the charity should give you a receipt with their name and the date of the donation along with a general description of what was donated.  You should keep this receipt for your files.  Also, keep a list of the donated items and their fair market (or thrift shop) value.  

 

These non-cash charitable donations are deductible if you itemize your deductions on your income tax return.  If your non-cash charitable donations for the year total over $500, you will need to fill out Form 8283 and attach it to your return.  On this form, list the name and address of the charitable organization, the date of the donation, a general description of what was given, and the fair market value of the items donated. 

 

Fair market value of your donations can often be determined by comparable sales (eBay, Craigslist, etc.) or the cost to purchase a similar item at a thrift store.  There are also other online resources available such as the guidelines that can be found on both the Salvation Army and the Goodwill Industries websites.

 

Salvation Army Donation Value Guide:

https://satruck.org/Home/DonationValueGuide

 

Goodwill Industries Donation Value Guide:

http://www.goodwill.org/wp-content/uploads/2010/12/Donation_Valuation_Guide.pdf

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Previous Editions of Tax Tip Tuesday
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March 5, 2019

February 19, 2019

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