WEEKEND TAX SERVICES
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OTHER TAX SERVICES TIPS
The most important tip that we can give you is that tax preparation services are not a one or two week activity in the spring each year. Effective tax services are on-going and take place over the course of the year. Proactive tax service requires planning and time. If you ever have a question during the year, please give me a call. I can help you plan before you've made a decision on which course of action to take before it's too late and you don't have a choice anymore. Here are some specific helpful tips in areas I get asked about quite often.
CAR DONATIONS
There are certain rules set in place by the IRS for claiming a deduction on donated cars. If the vehicle, plane or boat’s claimed value is more than $500 and the charitable organization sells it, then you are limited to claiming only the gross proceeds from this sale.
It’s important to ensure that it is a qualified organization.
Your donated motor vehicle is only tax deductible if you are making a contribution to and organization that is eligible, which you can find out through Publication 78. If you are having trouble finding your organization, just contact us today and we will be happy to help!
CHARITABLE CONTRIBUTIONS
Charitable contributions are tax deductible and claimed on Schedule A, but it is important to know that donations made to individuals or political candidates/organizations are not tax deductible. You are also not able to deduct your time or contributions made for games of chance (including raffles and bingo). Call today to make sure that your donations are to organizations that are qualified for deductibles.
TAX CREDIT FOR PLUG-IN ELECTRIC VEHICLES
This tax credit expired at the end of 2010. Although the former credit for many hybrid vehicles is no longer available, for 2012 and future tax years, a tax credit of up to $7,500 is still available for vehicles classified as plug-in electric vehicles, or PEVs. This credit is only available for the person who purchased the vehicle new, and it must be serviced the same year as the claim. If the qualifying vehicle is leased, then the credit is available only to the leasing company. In addition, the vehicle must be used primarily in the United States.