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Post subject: Tax deductions
Post Posted: Thu Feb 26, 2009 8:45 pm
When I had my taxes done they would not allow me to take my donation as a deduction. They made the statement that it was to a political organization. Had them done by AARP down in Ashland. It would not have made a difference but it is the principle of it. The Letter or e-mail that I received did not say anything about it being to a charitable org.

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Post Posted: Thu Feb 26, 2009 10:14 pm
Hawk,
They are correct. Donations to Buckeye Firearms Association are not tax deductible since we are an Ohio Political Action Committee and our primary focus is to influence elections and legislation.

However, donation to Buckeye Firearms FOUNDATION are tax deductible since the Foundation is a 501c3 charitable corporation focusing on education. Any donations to the Foundation can only be used for education and litigation purposes and never used to influence elections or legislation.

Also, make certain that you ALWAYS take advantage of Ohio's $50 per person ($100/couple) Tax CREDIT for donations to a statewide candidate. This is truly free money. You make a donation to any statewide candidate of your choice, and the State of Ohio will credit you back up to $50 per person ($100/couple). NOTE this is a tax CREDIT, not a deduction so you get every dollar up to the $50/$100 back on your Ohio taxes.

JLE
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Post Posted: Thu Mar 26, 2009 8:46 pm
What are the limits on donations to the Foundation?

_Don_
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Post Posted: Thu Mar 26, 2009 11:03 pm
Don, I don't recall there being any limits on what you can deduct on donations to the Foundation.

The Foundation is what the lawsuit against Cleveland is filed under. It will cost us likely more than $10,000, so we would appreciate anything you may be able to contribute.

It is no surprise that AARP would not want to deduct anything. They are well known to be vehemently anti gun.

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Post subject: Re: Tax deductions
Post Posted: Mon Jul 06, 2009 8:11 pm
Although I am not a tax expert, but I did stay in a..well nevermind that..This is an older post but maybe I can toss some info in...get ready for a read..
Charitable deductions for a particular tax year are limited by certain percentages of an individual's adjusted gross income (AGI). These are the limitations..Based on the question above..
Gifts of cash and ordinary income property to a public charities and private operating foundations are limited to 50% of AGI. Any excess may be generally carried forward up to five years.
I can go deeper if need be just ask away. (then consult your legal person so they can say.."Yeah, he's pretty much on it")
Regards,
John

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Post subject: Re: Tax deductions
Post Posted: Mon Jul 06, 2009 9:06 pm
Get far away from AARP! :evil:

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Post subject: Re: Tax deductions
Post Posted: Tue Jul 28, 2009 10:59 am
My company has a matching gift program...have any donations from from members with a matching gift program been successful?

Matching gifts are for medical and educational foundations.
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Post subject: Re: Tax deductions
Post Posted: Fri Nov 25, 2011 7:57 pm
Awalker19 wrote:
Get far away from AARP! :evil:


A few points (NOTE: I'm not a CPA but have an MBA in Management and Finance and have done some tax work in the past.)

That might be good advice for the AARP and other groups that do "free" tax work unless you have a very simple "1040EZ" type return.

Also since this 2009 post there have been some changes in just WHO can do your taxes. It used to be only 2 of 50 states required "tax preparers" to have any kind of training AT ALL! Anyone could work at or do taxes themselves. Remember you are responsible for your taxes! Some good information from the IRS:

If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. So, it is important to choose carefully when hiring an individual or firm to prepare your return. Most return preparers are professional, honest and provide excellent service to their clients.

Here are a few points to keep in mind when someone else prepares your return:

Check the person's qualifications. Ask if the preparer is affiliated with a professional organization that provides its members with continuing education and resources and holds them to a code of ethics.

New regulations effective in 2011 require all paid tax return preparers including attorneys, CPAs and enrolled agents to have a Preparer Tax Identification Number.

Check the preparer's history. Check to see if the preparer has a questionable history with the Better Business Bureau and check for any disciplinary actions and licensure status through the state boards of accountancy for certified public accountants; the state bar associations for attorneys; and the IRS Office of Professional Responsibility for enrolled agents.

Find out about their service fees. Avoid preparers who base their fee on a percentage of your refund or those who claim they can obtain larger refunds than other preparers.

Make sure the tax preparer is accessible. Make sure you will be able to contact the tax preparer after the return has been filed, even after the April due date, in case questions arise.
Provide all records and receipts needed to prepare your return. Most reputable preparers will request to see your records and receipts and will ask you multiple questions to determine your total income and your qualifications for expenses, deductions and other items.

Never sign a blank return. Avoid tax preparers that ask you to sign a blank tax form.
Review the entire return before signing it. Before you sign your tax return, review it and ask questions. Make sure you understand everything and are comfortable with the accuracy of the return before you sign it.

Make sure the preparer signs the form and includes their PTIN. A paid preparer must sign the return and include their PTIN as required by law. Although the preparer signs the return, you are responsible for the accuracy of every item on your return. The preparer must also give you a copy of the return.

The IRS can help many taxpayers prepare their own returns without the assistance of a paid preparer. Before seeking a paid preparer, taxpayers might consider how much information is available directly from the IRS through the IRS Web site. ( http://www.irs.gov )

If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. So, it is important to choose carefully when hiring an individual or firm to prepare your return. Most return preparers are professional, honest and provide excellent service to their clients.

:wink:

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Post subject: Re:
Post Posted: Fri Nov 25, 2011 8:10 pm
JEaton wrote:
Hawk,
Also, make certain that you ALWAYS take advantage of Ohio's $50 per person ($100/couple) Tax CREDIT for donations to a statewide candidate. This is truly free money. You make a donation to any statewide candidate of your choice, and the State of Ohio will credit you back up to $50 per person ($100/couple). NOTE this is a tax CREDIT, not a deduction so you get every dollar up to the $50/$100 back on your Ohio taxes.
JLE


Good point, a deduction is just that, most times you need to file an ITEMIZED DEDUCTION not the STANDARD DEDUCTION to even qualify for your deductions (there can be some few exceptions). And you only get a percent of your deduction not all of it.

And a CREDIT gets added to your return or if you owe you owe less dollar for dollar.

GO BUCKEYES, BROWNS, TRIBE, CAVS, YSU, and yes I like ND plus GO NAVY, beat Army!!
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Post subject: Re: Tax deductions
Post Posted: Sun Nov 27, 2011 6:05 pm
Awalker19 wrote:
Get far away from AARP! :evil:

For the few who aren't aware....

The AARP has been pretty consistently anti-freedom....

They support Zero, and supported the Zerocare law, which will likely screw their membership, but not until after a certain election coming up....

Regards,

Stu

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