Tax Incentives for Deconstruction and Personal Property Donations
Article: Tax Incentives for Deconstruction and Personal Property Donations Current tax law allows individuals to deduct the Fair Market Value of non-monetary charitable contributions. Materials salvaged from a building structure as well as personal property donated to a nonprofit 501(c)(3) or government entity like schools, colleges or parks and recreation systems, may qualify to be […]
Read MoreThe Qualified Appraiser
Article: The Qualified Appraiser Category: Charitable Donations Within the industry of personal property appraisal production, many brilliant individuals utilize conservative and accurate valuation and set the standard for the industry. Unfortunately, like any financial sector, there is the potential for abuse. These abuses are typically one of two types and often a combination of both. […]
Read MoreCorporate Tax Incentives for Personal Property Donation
Article: Corporate Tax Incentives for Personal Property Donation Not only are provisions in place for individuals to donate materials and personal property to qualified nonprofits and government agencies but favorable tax provisions are in existence for corporations. Please reference IRS Publication 542 Corporations A corporation can claim a deduction for charitable donations in cash or […]
Read MoreNon-Monetary Charitable Contribution Deduction
Article: Non-Monetary Charitable Contribution Deduction Category: Charitable Donations An individual can deduct the Fair Market Value of deconstructed materials and/or personal property on the 1040 Schedule A—Itemized Deductions A corporation can deduct the Fair Market Value of deconstructed materials and/or personal property as a deduction on their 1120 return. In either deduction scenario, a donor […]
Read MoreIt is Officially 2020—Must I prepare for my taxes?
Article: It is Officially 2020—Must I prepare for my taxes? It is Officially 2020 Must I prepare for my taxes? Jessica I. Marschall, CPA, President Marschall Accounting Services LLC January 4th, 2019 Yes. Yes, you must begin preparing for your taxes. Like every CPA, we are entering our busiest season of the year. However, the […]
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