Any CPAs?

claphamsa · 03-09-2013, 03:31 PM

question about taxes and deducting donations. Turbo Tax always tells me im at low risk of being audited. I assume this is because I never deduct donations. How much can you donate before you become an audit risk? I need to clean out my basement (lots of clothes from when I was 40 lbs less, and old kitchen crap I had when I was young). I have seen the ammounts you deduct for that stuff.... quite impressive

Desnudo · 03-09-2013, 07:14 PM

What are your chances of being audited by the IRS?

claphamsa · 03-09-2013, 09:55 PM

hmmm.... thanks!

stevew · 03-09-2013, 10:04 PM

I wonder if it will flag since you haven't previously done it and perhaps splitting it up over 2 years would better (or potentially worse)

claphamsa · 03-09-2013, 10:05 PM

Quote:

Originally Posted by stevew

I wonder if it will flag since you haven't previously done it and perhaps splitting it up over 2 years would better (or potentially worse)

thats actually where I was going with this... I have taken green credits, but never actual donation credits... and I have LOTS of crap i can give away...

Suburban Rhythm · 03-10-2013, 12:58 AM

If you are donating to legit organizations, get receipts of the estimated fair market value of your donations. Problem solved.

claphamsa · 03-10-2013, 10:57 AM

oh i will be, but i still wanna avoid an audit

Desnudo · 03-10-2013, 11:53 AM

It'll probably depend on the % of your income that it represents. So like 5% no problem. 50% probably would trigger a computer flag. If you're self employed, then the margin is probably much smaller.

Ramzavail · 03-10-2013, 10:37 PM

Let me ask you this:

Do you use a standard deduction or do you itemize? If you use your standard deduction - then I wouldn't even bother.

claphamsa · 03-10-2013, 10:50 PM

I have a mortgage.. so I itemize.

Ramzavail · 03-11-2013, 09:51 PM

then I'd listen to Suburban Rhythm.

03-09-2013, 09:55 PM	#3
claphamsa Grizzled Veteran Join Date: Nov 2007 Location: non white trash MD	hmmm.... thanks! __________________ Dominating Warewolf for 0 games! GIT R DUN!!!

03-10-2013, 12:58 AM	#6
Suburban Rhythm Pro Starter Join Date: Jan 2002 Location: Pittsburgh	If you are donating to legit organizations, get receipts of the estimated fair market value of your donations. Problem solved. __________________ "Do you guys play fast tempos with odd time signatures?" "Yeah" "Cool!!"

03-10-2013, 10:57 AM	#7
claphamsa Grizzled Veteran Join Date: Nov 2007 Location: non white trash MD	oh i will be, but i still wanna avoid an audit __________________ Dominating Warewolf for 0 games! GIT R DUN!!!

03-10-2013, 10:50 PM	#10
claphamsa Grizzled Veteran Join Date: Nov 2007 Location: non white trash MD	I have a mortgage.. so I itemize. __________________ Dominating Warewolf for 0 games! GIT R DUN!!!

03-09-2013, 07:14 PM	#2
Desnudo Coordinator Join Date: Jul 2003 Location: Here and There	What are your chances of being audited by the IRS?

03-09-2013, 10:04 PM	#4
stevew Hall Of Famer Join Date: Dec 2003 Location: the yo'	I wonder if it will flag since you haven't previously done it and perhaps splitting it up over 2 years would better (or potentially worse)

03-10-2013, 11:53 AM	#8
Desnudo Coordinator Join Date: Jul 2003 Location: Here and There	It'll probably depend on the % of your income that it represents. So like 5% no problem. 50% probably would trigger a computer flag. If you're self employed, then the margin is probably much smaller.

03-10-2013, 10:37 PM	#9
Ramzavail College Starter Join Date: Aug 2002 Location: Strong Island, NY	Let me ask you this: Do you use a standard deduction or do you itemize? If you use your standard deduction - then I wouldn't even bother.

03-11-2013, 09:51 PM	#11
Ramzavail College Starter Join Date: Aug 2002 Location: Strong Island, NY	then I'd listen to Suburban Rhythm.

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