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To try and answer all of your questions, Can I enter this amount in Tax Returns? Yes, but at the end you have to choose between the total of your itemized deductions (charitable contribution plus others such as mortgage interest and state taxes) and the standard deduction, you cannot add charitable contributions on top of the standard deduction. How ...


5

Yes, the portion donated to the qualifying charity is tax deductible. As you note it's how much goes to the charity and not how much extra you pay, because in some cases part of the extra fee covers manufacturing cost of the plate for the first year. This is in line with other charitable giving situations in which you receive something of value (like a ...


4

Step Transaction Doctrine. This is why the plan runs afoul of IRS regs. From the linked IRS doc - "Under the step transaction doctrine, "a series of transactions designed and executed as parts of a unitary plan to achieve an intended result ... will be viewed as a whole regardless of whether the effect of so doing is imposition of or relief from ...


3

Assuming the church is a tax exempt organization, donations are deductible if you itemize your deductions. If you're not getting an annual receipt or don't have records, the deduction might be hard to justify in an audit. The IRS publishes information on how to treat charitable contributions.


3

This is really two separate decisions: how much to donate, and how much to spend on credit cards. The benefit of the credit card promotions and bonuses would be the same whether you charge donations or something else, as long as it's an amount you were going to spend anyway. If the donations are the major part of your planned chargeable spending, then your ...


3

tl;dr: Your idea is mathematically a good one, but maybe you still shouldn't do it. I believe you're on to something with postponing your charitable donations, but for a different reason than you're thinking. It sounds like the change in the standard deduction from 2017 to 2018 affected your ability to deduct donations (as it did many people), since it ...


3

If your business is not an LLC or a corporation, you cannot take charitable contributions as a business expense. (And as you don't give 1099's to corporations, I'm guessing you're not one.) Pay yourself from the business funds, then use this income to make charitable contributions. You then claim the deduction for charitable contributions normally. Note ...


2

All due respect to @RonJohn, the IRS requires a receipt from a charitable organization when a single donation is more than $250. “As much as you want” fails to take this into account. I know some older people who visit their house of worship 5-7 days a week, so if one wants to push the point, can suggest that $200 * 365 = $73K. But this fails a common sense ...


2

To add a bit to what Charles Fox has written: Lend the money to yourself for your retirement. In other words put the money into whatever vehicles you would normally use to save for your own retirement. Keep a note of how much of it you would like to have donated, and when the tax laws change in your favour, simply take money you would otherwise have put in ...


2

Invest in an index fund. Every few years (bunching donation deductability as per TTT's answer), donate the appreciated investments. You will be able to deduct the entire value at time of donation from your taxes. If they haven't appreciated, you can either wait longer for them to appreciate, or sell them, take up to $3000 the loss off your taxes, and donate ...


1

I would recommend reading this article "How to give like a billionaire" it has some interesting suggestions including how to set up a small charitable foundation which allows you to cash out your equity without the associated capital gains. I'd also recommend avoiding attempting to invest in real estate unless your goal is to use this as a charitable ...


1

To follow up on Todd's answer: https://www.nerdwallet.com/blog/taxes/standard-deduction/ In 2018, it's $12,000 for single filers and married filers filing separately, $24,000 for married filers filing jointly and $18,000 for heads of household. To more of your questions: How much minimum and maximum amount I can contribute via cash and ...


1

With the new tax code of 2018 we have For contributions of cash, check or other monetary gift (regardless of amount), you must maintain a record of the contribution: A bank record or a written communication from the qualified organization containing the name of the organization, the amount, and the date of the contribution. i.e. all cash ...


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