69 votes

What are some effective ways to help someone financially?

Here's some tenets I follow when helping others: Don't support bad habits Don't give money to someone to pay gambling debts, or to pay rent because they've spent all of their money on less important ...
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  • 113k
53 votes

Are ads on YouTube asking donations for sick children via drove.com a scam?

Drove is an eCommerce platform, not a crowdfunding platform. They provide payment processing services for all kinds of customers. They are just the middle-man, not the organization actually asking for ...
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  • 21.6k
52 votes

What are some effective ways to help someone financially?

It is not your job to assist others financially, in a way that rewards good habits. It is not your job to train them in good financial habits. And even if you did try, more than likely, you're not ...
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  • 73.6k
42 votes
Accepted

What do I need to watch out for when receiving a large sum of money as a gift in Germany?

I am Swiss but I will attempt to answer this as good as possible: 1 Storage You get a bank account. Done. A bank account doesn't get you a lot of interest, but it is a safe way of storing the money ...
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42 votes

Are ads on YouTube asking donations for sick children via drove.com a scam?

The assumption that you should make with any sort of ad like this is that it is a scam. Why? Because if you want to donate money to children in need there are numerous charities that offer a high ...
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  • 4,680
34 votes
Accepted

Is it standard to not provide receipts or invoices for donations?

They did send you a receipt, it's just informal and not a separate document like a .pdf file. I can't speak for your employer but at least for the IRS, I think the email should suffice for the tax ...
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  • 7,998
31 votes
Accepted

Is it wise to use a PayPal account for donations larger than $1 million/month?

It is not wise. I think that if your charity gets $1M/month (or even $100K/month) in donations, it would be prudent to have a (good) accountant oversee your operations, and use a proper FDIC-insured ...
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  • 127k
28 votes
Accepted

How should I value personal use television for donation?

IRS Pub 561 says you have to use fair market value. You cannot simply use a depreciated value. You should attempt to determine what people normally pay for comparable items, and be prepared to ...
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28 votes
Accepted

Can I deduct a 2013 donation to charity on my 2014 tax return?

To the best of my understanding, the CPA is wrong. You can only deduct the contributions in the year you made them. From the IRC Sec 170: There shall be allowed as a deduction any charitable ...
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  • 127k
23 votes

What are some effective ways to help someone financially?

I just want to start by saying I absolutely love this question! Note that you did not specify a monetary range, so I have provided suggestions that span the gamut. Investing Are you talking about ...
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  • 2,667
23 votes
Accepted

Give third party check to charitable org?

There are several aspects to your question. First, this $125 that you received is considered taxable income. On your tax form, it would go on the "Other income" line, which was Schedule 1, ...
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21 votes
Accepted

What's the best way to invest for making regular donations?

In the United States investing towards donation is a great idea because you can donate appreciated securities directly rather than donating cash. Notice how much this can benefit you: You invest $...
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  • 5,987
19 votes

Is it standard to not provide receipts or invoices for donations?

Thank you for your generous donation of [price omitted]. Your contribution was received on [date omitted]. Every dollar counts and we appreciate your contribution to our cause. That is your receipt.
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  • 6,912
16 votes

How should I value personal use television for donation?

The usual lazy recommendation: See what similar objects, in similar condition, of similar age, have sold for recently on eBay. That establishes a fair market value by directly polling the market.
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  • 31.8k
15 votes

What are some effective ways to help someone financially?

Just write a check There's pretty good research that points to just giving money as an effect way to lift people out of poverty. Bonus - you aren't going to harm your relationship with anyone by ...
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  • 1,152
13 votes

Can I deduct a 2013 donation to charity on my 2014 tax return?

You can't take deductions made in one year and apply them to a different year. I find it odd that your CPA would suggest otherwise. What you can do is file an amended return for the year that the ...
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13 votes

What are some effective ways to help someone financially?

Kudos to you to wanting to make the world a better place! Maybe ask yourself, what is the best use of the extra money that you don't need? $100 that you don't need could provide enormous benefits to ...
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  • 7,022
12 votes

What does the IRS standard deduction amount mean?

If I don't have other things but donations to itemize, does "but that only makes financial sense if they exceed the IRS standard deduction amount, which is $6,200 for individuals" mean that the total ...
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  • 23.8k
11 votes

What are some effective ways to help someone financially?

Since it's family and friends that you are familiar with, you might offer to hire them to help each other out. This probably wouldn't work with strangers or acquaintances. If somebody is bad about ...
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  • 249
10 votes

What does the IRS standard deduction amount mean?

Essentially, the idea behind the standard deduction is this: The tax code assumes that everyone has some deductible expenses: charitable contributions, taxes, etc. Rather than force lower income tax ...
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10 votes

Is it standard to not provide receipts or invoices for donations?

In my experience I have received proof of contribution by one or more methods every time I make a contribution: Email from the charity Email from a 3rd party. That is when participating in a charity ...
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9 votes

What's the best way to invest for making regular donations?

Depending on what your other deductions are and the amount you are wanting to donate, you can save some money by "batching" deductions into every other year. For example, if you are single in 2015, ...
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  • 4,176
9 votes

Give third party check to charitable org?

You can't absolve your tax responsibility by just passing the money along to someone else. Will the IRS care? Sure. Do you owe taxes on it? Of course. Will they notice if you do that and come ...
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  • 50.4k
8 votes

Does a Charitable donation deduction depend on the price or the value of the item?

The IRS doesn't care about purchase price of donated items, it's all about fair market value (FMV) at time of donation. Generally, if the value is over $5,000 you'll need an appraisal, if not, you ...
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  • 62.9k
8 votes

Why do companies pay salaries rather than donations?

I think you mean a "gift". Clearly pay for work is not a gift. It's a payment for consideration (consideration means your work). Gifts don't have consideration. Passing it off as such is fraud. It's ...
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7 votes
Accepted

How can I let people send me money via PayPal without them seeing my PayPal account info?

The thing to look at is PayPal's "PayPal.me" service, which is a pretty neat little item. When you sign up for a PayPal.me account (totally free), you create a unique username. So for example, my ...
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7 votes
Accepted

Does a donation have to be used only on the thing it was donated for?

You can view the donations as helping to pay for your time spent on development, so I don't think there's any moral or legal issue with asking for them. However you will need to pay tax on them as ...
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7 votes

Can I deduct a 2013 donation to charity on my 2014 tax return?

You cannot carry forward deductions you forgot in a prior tax year; but you can carryover deductions that exceeded your maximum deduction limit. As in Publication 17/2014/Chp. 24: You can deduct ...
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  • 34.6k
7 votes

What are some effective ways to help someone financially?

Money doesn't fix money problems. Someone earning 50k a year and spending 50k a year has just the same problems as someone earning 500k a year and spending 500k a year. Give away resources (books, ...
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  • 462
6 votes

How to donate money anonymously?

How big or frequent of a donor are you? For larger donors in the U.S., there is the Donor Advised Fund. You donate to the DAF, and the money can either be re-donated onward to a charity of your ...
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