Frequently Asked Question


Important Dates

New Tax Laws

Random

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  • Jan 23: IRS begins accepting e-file returns for most taxpayers
  • Apr 18: Last day to file 2016 returns and pay any taxes due without penalty
  • Oct 16: Taxpayers requesting extensions will have until this date to file

Estimated Tax: If you didn't pay enough tax throughout the year, you may have to pay a penalty.

Health Insurance: Everyone is required to provide proof of health insurance for each member of the family

Refund: NEW CHANGE- For returns with Earned Income Tax Credit or Additional Child Tax Credit claims, the IRS can not issue refunds before Feb 15

  1. Nothing is random, just by chance
  2. Nothing is by chance, it was meant to be
  3. If it's meant to be, it's meant to be

 Care. Adopt. Love.

Important Dates

image-placeholder

  • Jan 23: IRS begins accepting e-file returns for most taxpayers
  • Apr 18: Last day to file 2016 returns and pay any taxes due without penalty
  • Oct 16: Taxpayers requesting extensions will have until this date to file

New Tax Laws

image-placeholder

Estimated Tax: If you didn't pay enough tax throughout the year, you may have to pay a penalty.

Health Insurance: Everyone is required to provide proof of health insurance for each member of the family

Refund: NEW CHANGE- For returns with Earned Income Tax Credit or Additional Child Tax Credit claims, the IRS can not issue refunds before Feb 15

Random

image-placeholder

  1. Nothing is random, just by chance
  2. Nothing is by chance, it was meant to be
  3. If it's meant to be, it's meant to be

 Care. Adopt. Love.

Donations & Tax - Exempt Org.


The following are some FAQ and important points to consider:

What do I need to do in order to claim a deduction for money I donate to charity?

How about donations of used clothing or household goods? How can claim a deduction when I donate?

  Taxpayers who make donations to tax-exempt organizations, such as charities and churches, have some new rules to follow regarding the deductibility of their donations. And, tax-exempt organizations themselves are faced with sweeping changes that affect donations as well as filing and record-keeping requirements. Here is some information to help you learn more about how the new rules may affect you: 

For any cash contribution – which includes donations made via cash, check, electronic fund transfer or credit card – you must obtain and keep either a written communication from the charity or a bank record (such as a bank statement, cancelled check or credit card statement) that includes the date, the amount of the donation, and the name of the charity.

 In order to qualify for a tax deduction, the clothing or household goods you donate to a tax-exempt organization must be in good used condition. The exception to this rule is an item for which a deduction of more than $500 is claimed if you submit a qualified appraisal of the item along with your tax return.  

VINH@AUTUMNTAX.COM

When do I need a “qualified appraisal” for an item I donate?

I am responsible for a small charity. Has federal filing requirements changed?

If you have more concerns about this, stop by our office for consultation and tax planning strategies.


2471 Autumnvale Dr. Ste F

San Jose CA 95131

(408)946-1250

 For a contribution of property with a claimed value over $5,000, a qualified appraisal is required. Under the new tax laws, a qualified appraisal must be conducted in accordance with generally accepted appraisal standards, by a qualified appraiser who has either earned an appraisal designation from a recognized professional appraisal organization or has minimum education experience. The appraiser must also have experience in appraising the type of property in question.

  Yes. Now, all tax-exempt organizations except churches are required to file some version of Form 990 annually. Small charities may only have to file the e-postcard version of this form. Keep in mind that the penalty for non-filing can be serious: a tax-exempt organization that fails to file for three years can have its tax-exempt status revoked.     

The following are some FAQ and important points to consider:

  Taxpayers who make donations to tax-exempt organizations, such as charities and churches, have some new rules to follow regarding the deductibility of their donations. And, tax-exempt organizations themselves are faced with sweeping changes that affect donations as well as filing and record-keeping requirements. Here is some information to help you learn more about how the new rules may affect you: 

What do I need to do in order to claim a deduction for money I donate to charity?

For any cash contribution – which includes donations made via cash, check, electronic fund transfer or credit card – you must obtain and keep either a written communication from the charity or a bank record (such as a bank statement, cancelled check or credit card statement) that includes the date, the amount of the donation, and the name of the charity.

How about donations of used clothing or household goods? How can claim a deduction when I donate?

 In order to qualify for a tax deduction, the clothing or household goods you donate to a tax-exempt organization must be in good used condition. The exception to this rule is an item for which a deduction of more than $500 is claimed if you submit a qualified appraisal of the item along with your tax return.  

VINH@AUTUMNTAX.COM

If you have more concerns about this, stop by our office for consultation and tax planning strategies.


2471 Autumnvale Dr. Ste F

San Jose CA 95131

(408)946-1250

When do I need a “qualified appraisal” for an item I donate?

 For a contribution of property with a claimed value over $5,000, a qualified appraisal is required. Under the new tax laws, a qualified appraisal must be conducted in accordance with generally accepted appraisal standards, by a qualified appraiser who has either earned an appraisal designation from a recognized professional appraisal organization or has minimum education experience. The appraiser must also have experience in appraising the type of property in question.

I am responsible for a small charity. Has federal filing requirements changed?

  Yes. Now, all tax-exempt organizations except churches are required to file some version of Form 990 annually. Small charities may only have to file the e-postcard version of this form. Keep in mind that the penalty for non-filing can be serious: a tax-exempt organization that fails to file for three years can have its tax-exempt status revoked.