Author: Wiley Harrison (page 9 of 9)

Is my vehicle a deductible contribution?

A qualified vehicle is defined as a car/motor vehicle (used mainly on roads & highways), boats and airplanes.

If you donate a qualified vehicle to a qualified organization and your donation is worth more than $500, you can donate depending on the following scenarios:

  • If your vehicle is to be re-sold by a qualified organization, you can deduct the gross proceeds from the sale of the vehicle.
  • If your vehicle is to be used by a qualified organization to fulfill their charity work, you can deduct the vehicle’s fair market value on the date of the contribution. You can find your motor vehicle’s worth at Kelley Blue Book.

How can I find out what my used items are worth?

What are some typical itemized deductions that I can claim on my income tax return?

Some typical itemized deductions include:

  •  Mortgage and equity interest
  • State and local taxes
  • Charitable contributions
  • Real estate taxes
  • Un-reimbursed medical and dental expenses
  • Casualty and theft losses (e.g. fire, hurricane, tornado)
  • Un-reimbursed job expenses (e.g. job travel, union dues, job education, etc.)
  • Gambling losses (to the extent of the gambling income)
  • IRA custodial fees
  • Investment counsel and advisory fees

*Please note: There are limitations on many of these deductions.

How can I check on the status of my tax refund?

Visit these websites to check the status of your state or federal tax refund. This information is typically available 2 – 3 weeks after you file by mail, or 72 hours after you file electronically:

Newer posts