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Can someone explain tax write offs?

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MrsBumbleb
it's me

Member since 5/05

11234 total posts

Name:
Christine

Can someone explain tax write offs?

My DH just donated a bunch of computers and office cubicles and desks to my agency. They told me they are sending a TY so we could use it as a tax write off. I donate stuff all the time and never get receipts b/c DH says it's not worth it, and he is saying he probably won't use it. I don't get it, why not. I know teachers who write off pens and pencilsChat Icon

Posted 5/31/07 12:53 PM
 
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MrsPJB2007
MBA at your service!

Member since 7/06

12020 total posts

Name:
MJ

Re:

.

Message edited 8/7/2011 11:50:56 PM.

Posted 5/31/07 12:58 PM
 

Kara
Now Zagat Rated!

Member since 3/07

13217 total posts

Name:
They call me "Tater Salad"

Re: Can someone explain tax write offs?

It's probably not worth it b/c you probably don't donate more than the standard deduction. If you don't have any need to itemize, then it's not worth keeping track... b/c you'll get the standard deduction anyway.

If however, you donate a substantial amount of money / things to charity AND itemize, then it's worth keeping track. You only need the receipt in the event you are audited...

Posted 5/31/07 12:59 PM
 

MrsBumbleb
it's me

Member since 5/05

11234 total posts

Name:
Christine

Re: Can someone explain tax write offs?

okay thanks for trying girls but I have no clue when it comes to taxes. DH deals with the accountant and I sign off and ask "how much are we getting back"?

Posted 5/31/07 1:11 PM
 

alnem
This is gonna be a good year!

Member since 2/06

9562 total posts

Name:
Emily

Re: Can someone explain tax write offs?

i'm an independent contractor so i write off everything! gas, miles, haircuts, manicures, dry cleaning, advertising, computers, paper, ink, etc. i have to get receipts for everything and i keep a log for the miles that i put on my car for work purposes.

i make donations to my Church and when i give away clothes i try to get a receipt. but for donations and stuff i kind of just itemize it on my taxes. i feel bad asking for a receipt cause then they know i'm not doing it out of the goodness of my heart but to get a tax deduction.Chat Icon Chat Icon

Posted 5/31/07 1:15 PM
 
 

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