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Can I now use the gross $200 which I've given them as a potential tax deduction? No, the charitable contribution was the $100 worth of clothes you donated, purchases at these stores aren't tax-deductible. When you get something of value in return for a donation it decreases the amount of your charitable contribution. Another example would be a charitable ...


9

When you donate an item, you can deduct the amount that you could have sold the item for on the open market. For instance if you donate an '83 Chrysler LeBaron, you cannot deduct the $11,800 sticker price, but the $200 "guy on Craigslist will pay that" price. Or arguably, the $900 "State smog buy-back program will pay that" price, but that argument is ...


5

If you have income, you will pay income tax. Your employer has front-loaded your first two months pay, paying more in December, and less in January. This is to your benefit, as you have the use of the money earlier than you would have had the accountant not been on holiday. Your problem with the salary in the contract not matching the offer letter (you ...


1

It is not a net deduction on the employee's books, because it is counted as income first and then removed from income when contributed to the 401(k), just as when the employee contributes to a traditional IRA. That is, the portion of wages that the employee contributes is neutral, neither increasing nor decreasing the employee's taxes. EDIT: Yes, when an ...


1

Yes, you can deduct travel expenses (see IRS publication 463), however, the drawback is that if you itemize expenses, then you can no longer claim the standard deduction. The standard deduction for 2020 is $12,400 so if your total deductions for the year are less than this, you are better off taking the standard deduction as opposed to itemizing deductions.


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