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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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how can i get tax credits from donating

Customer Question

how can i get tax credits from donating
Submitted: 8 years ago.
Category: Tax
Expert:  RD replied 8 years ago.

Generally, you can deduct your contributions of money or property that you make to, or for the use of, a qualified organization. There are no tax credits available.

 

The deduction is allowed as an itemized deduction on Sch A. The amount of your deduction is limited to 50% of your adjusted gross income, and may be limited to 30% or 20% of your adjusted gross income, depending on the type of property you give and the type of organization you give it to.

 

For detailed information on donation- refer to link below

 

http://www.irs.gov/publications/p526/index.html

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

 

Customer: replied 8 years ago.
not the answer i'm looking 4!!!

i just want to know how to get a tax credit by donating. that's it. i don't want to do a deduction. is there any way around having to do that. kind of like Arizona's tax credit for donations thing. or any organization that you can donate to that gives you a tax credit. if so what is it. and how do i get tax credits just being a single person and not a company. oh and i don't want to know about donating house or cars. i know about that. something else. like a loophole that give the average guy tax credits.
Expert:  RD replied 8 years ago.

There is no such tax credit available for donations under federal tax. AZ state does have such credits upto $400 (married filing joint return) for contirbutions made to recognized institutions.

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.