Tax Guru – Ker$tetter Letter

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Archive for the ‘Charity’ Category

Clinton Tax Returns & Questionable Donations

Posted by taxguru on July 31, 2015

One of the benefits of the extremely lengthy presidential campaign season in this country is the ability of the general public to take a peek into the private tax returns of those candidates who choose to make theirs available for viewing.

As has been all over the news today, the Clinton campaign has posted download links for several of Bill & Hitlery’s individual income tax returns here on her website.  They have the Federal individual income tax returns for the years 2007 through 2014.  No copies of State income tax returns are included.

I’m not planning to spend the time dissecting each of those tax returns in great detail.  However, I do feel a need to point out that these 1040s reveal only a tiny fraction of the income that the Clinton Family has received over the past years because they do not show the other entities that they use to funnel income and expenses through, such as the infamous Clinton Crime Foundation and Clinton Global Initiative that have brought in hundreds of millions of dollars in “donations” (aka bribes) from all over the world and which have been used fro the personal benefit of the Clintons.

What is another Clinton stretching of the truth (aka Lie) is the claim of how much they have donated to charity for those years.  From her website:

“Since 2007, we have … made $14,959,450 in charitable contributions.”

Looking at the details on the tax returns, most of those “charitable contributions” were actually made to themselves via their foundation that has been exposed as a Clinton Family slush fund that gives practically nothing to real charities.

From the copies of the tax returns I downloaded:

2014 – $3,000,000 (out of a total charity deduction of $3,022,700) was to the Clinton Foundation

2013 – $3,057,000 (out of a total charity deduction of $3,078,000) was to the Clinton Foundation & Global Initiative

2012 – $1,800,000 (out of a total charity deduction of $1,825,650) was to the Clinton Foundation

2011 – $1,400,000 (out of a total charity deduction of $1,400,000) was to the Clinton Foundation

2010 – $1,000,000 (out of a total charity deduction of $1,000,000) was to the Clinton Foundation

2009 – $1,000,000 (out of a total charity deduction of $1,000,000) was to the Clinton Foundation

2008 – $550,000 (out of a total charity deduction of $550,000) was to the Clinton Foundation

2007 – $3,019,000 (out of a total charity deduction of $3,083,100) was to the Clinton Foundation

Totals for Eight Years:
      $14,826,000  (99.11%)  of $14,959,450  total donations were paid to the Clinton Foundation and Global Initiative  

I realize that, of all the crimes that the Clintons have committed, this pales in comparison; but it is the one area that my skill-set makes easiest for me to detect.

Posted in Charity, Clinton, TaxReturns | Comments Off on Clinton Tax Returns & Questionable Donations

New taxes for hockey goalies?

Posted by taxguru on January 31, 2012

From the latest episode of NewsBusted:

 

 

Posted in Charity, TaxHikes, video | Comments Off on New taxes for hockey goalies?

Posted by taxguru on October 14, 2010

Thousands of Nonprofit Groups Face New Tax Burden Starting Friday –  The effect of a recent change in filing requirement for smaller lower revenue organizations kicks in tomorrow.

 

Has Obama Raised Taxes? That Depends on Whom You Ask –  Of course, being a rabid disciple of Karl Marx, we can all be sure that he will do everything he can to continue to redistribute as much wealth as possible from those he considers to be evil rich.

 

Government Greed.  Politicians are more rapacious than CEOs.  – Thomas Sowell on the insatiable desire for our rulers to come up with ways to steal money from the producers in this country.

 

Posted in Charity, IRS | Comments Off on

Posted by taxguru on January 25, 2010

Haiti Relief Donations Qualify for Immediate Tax Relief – IRS clarifies this recently enacted law.

People who give to charities providing earthquake relief in Haiti can claim these donations on the tax return they are completing this season, according to the Internal Revenue Service.

Taxpayers who itemize deductions on their 2009 return qualify for this special tax relief provision, enacted Jan. 22. Only cash contributions made to these charities after Jan. 11, 2010, and before March 1, 2010, are eligible. This includes contributions made by text message, check, credit card or debit card.

They also remind people:

Taxpayers have the option of deducting these contributions on either their 2009 or 2010 returns, but not both.

Of course, a year from now, there will be plenty of people who will very innocently accidentally deduct these same payments on their 2010 1040 as they total up payments made during the 2010 calendar year.

 

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Posted by taxguru on May 24, 2009

Posted in Charity, comix | Comments Off on

Non-Cash Donations Worksheet

Posted by taxguru on February 16, 2009

I was browsing the new additions to the always useful TaxTools program and noticed the worksheet they have for listing and valuing non-cash donations. It has suggested values for used items, making it easier to work with than having to refer to outside sources such as the Salvation Army’s guide.

I made up a blank PDF version of this worksheet that you can download from my site.

Posted in Charity, Deductions, worksheets | Comments Off on Non-Cash Donations Worksheet

Posted by taxguru on December 13, 2008

IRS Offers Tips for Year-End Donations – A handy recap of the rules.

 

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Tips on Donating Your Car

Posted by taxguru on September 13, 2008

Here is a short video with Tom Herman of the WSJ discussing the rules for claiming a deduction for a donated vehicle.

After all of these years reading Tom Herman’s columns in the WSJ, this is the first time I have seen what he actually looks like.

Over the years, I have discussed this topic several times and the biggest misconception seems to be with the term Fair Market Value. Even Mr. Herman glosses over this point in this video.

Most people assume that the Kelley Blue Book value is gospel as establishing a vehicle’s value. The truth is that the only true determination of an item’s worth is what it will actually fetch on the open market, as per this definition from all over the web.

The price that an interested but not desperate buyer would be willing to pay and an interested but not desperate seller would be willing to accept on the open market assuming a reasonable period of time for an agreement to arise.

That is why the relatively recent IRS rule requiring people to use the charity’s actual sales price of the vehicle for the charitable deduction makes a lot of sense. That isn’t something you ever see me say very often; IRS doing something that makes sense.

I don’t follow used car prices or track what Kelley Blue Book has been doing in response to the higher fuel prices. However, if they haven’t dropped values of gas hogs to reflect their decreases in the real world, that is no excuse to consider the Blue Book prices as Fair Market Value.

Update:

A day after posting this, I sent the following to a client:

We received your 2007 personal tax organizer and other docs. I’ve
looked them over and the only item that is obviously incomplete has to do with the Jeep you donated to St. Vincent de Paul (SVP).

I see that you wrote $2,000 in the organizer as the value, but that won’t be enough documentation. As the letter from SVP says, you need to have a 1098-C from them showing how much they actually sold the vehicle for if you are going to claim a value of more than $500. I didn’t see a 1098-C among the documents that you sent in. Please contact SVP to obtain a new copy of that form or else we will have to stick with a deduction of just $500.

To help you understand more about this issue, I have attached a copy of the page from The TaxBook, my main tax reference book with the section on vehicle donations circled in red. Please look it over and see how your situation matches up with the examples shown.

Also, just by coincidence, I recently posted an entry on my blog, with a video from the WSJ, on exactly this subject.

Thanks for you help with this. Let me know if you would like to set up a phone appointment to discuss the details of this in more depth.

Kerry

The client wrote back:

I don’t have any such documentation. In that case, I’ll go ahead and claim $500.

Thanks,

TaxCoach Software: Are you giving your clients what they really want?

Posted in Charity, Vehicles, video | Comments Off on Tips on Donating Your Car

Documenting non-cash donations…

Posted by taxguru on February 22, 2008


(Click on image for full size)

Posted in Charity, comix | Comments Off on Documenting non-cash donations…

Posted by taxguru on February 17, 2008

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