Tax Write-Offs

Discussion in 'Teacher Time Out' started by JustMe, Apr 13, 2013.

  1. JustMe

    JustMe Virtuoso

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    Apr 13, 2013

    Or whatever they're called. :)

    Something this week made me curious... Does anyone here not keep record of their charitable givings or tithings to submit those during tax filing because you feel it somehow negates the charity of it? Or do you believe it's something the government entitles us to so we should take advantage of whatever breaks we're able to accept and that it's a win/win situation for all involved?
     
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  3. Ms. I

    Ms. I Maven

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    It seems a year doesn't go by when I don't donate something, so yes, I keep the receipts for tax purposes. I figure why not & to me, it doesn't negate my generosity.
     
  4. giraffe326

    giraffe326 Virtuoso

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    I usually focus all of my donating to one group (Relay for Life). And, since I donate online, I don't have to worry about 'keeping' the receipt- I have my record of payment. I do my own taxes, so I just log on in case I don't remember how much I donated.
    If I give to something else, it is usually $5-10.
     
  5. czacza

    czacza Multitudinous

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    I keep receipts...my accountant makes sure we deduct wherever we can...it doesn't negate your generosity...the charity still benefits.
     
  6. Ima Teacher

    Ima Teacher Virtuoso

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    I don't itemize, so I don't keep track.
     
  7. waterfall

    waterfall Virtuoso

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    This is how I am too...I always end up only getting the standard deduction because I don't have a mortgage or anything like that.
     
  8. JustMe

    JustMe Virtuoso

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    Apr 13, 2013

    Thanks for the feedback! :)
     
  9. Bored of Ed

    Bored of Ed Enthusiast

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    Apr 13, 2013

    So far I always get the standard deduction anyway, but just in case, I keep track of significant donations (which in my little life means anything over $100 or so). I am not great at this, so I basically just try to take care of it all online, have the receipt emailed, and then save them into a folder right in gmail. Easy to search.
     
  10. Bored of Ed

    Bored of Ed Enthusiast

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    And I don't think claiming a tax deduction takes away from the charity; if anything, it enables you to give more! I speak purely practically, not ideologically.
     
  11. mathmagic

    mathmagic Enthusiast

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    Apr 14, 2013

    This :)

    I'm also one that doesn't itemize, and I'd probably lose the receipts over the course of the year or forget where I put them...but oh well!
     
  12. bros

    bros Phenom

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    My dad never remembers how much he donates, so his accountant just comes up with a random number every year that my dad "donated"
     
  13. JustMe

    JustMe Virtuoso

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    But isn't that illegal?
     
  14. bros

    bros Phenom

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    Apr 15, 2013

    It's more that my dad doesn't itemize his donations, so the accountant takes a guess based on the average amounts that people donate.

    Since the average amount usually donated by people with my parents income is usually around 800 a year, the accountant will usually put down $300-$500 as the amount donated (and usually, it is somewhere in that range)

    Basically as long as you don't put an extraordinary amount on your taxes and it is a reasonable guess on your part, you are fine, there is no need to itemize your charitable donations.

    One thing that is important to remember to take off on state taxes is medical deductions.

    In NJ, everything past 2.5% of your AGI can be deducted.

    My parents are usually able to deduct $500 or so a year on average (When calculating mileage traveled for doctors visits, it came out to like $600 just by itself, then premiums, co-pays, etc. pushed it $500 over 2.5% of the AGI. The IRS needs your expenses to exceed 7.5% of your income)
     

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