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05 October 2012


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Nora Rose

As an accountant, I challenge the tax deduction. You can definitely still get one and the chances of being audited are slim, but you can't simply deduct it. If you make a donation and receive value, i.e. a charity gala event ticket or raffle, you cannot deduct the fair market value of the service or item you receive. If you donate $500 to the gala and the value of the meal and entertainment is $100, you can only deduct $400. Winning a large raffle prize usually cancels out the donation ticket and you may even owe taxes on the prize.

On the same premise, if you make a $500 donation to your church, and officiants in your area are normally $250, you can only deduct $250.

However, don't want to knock you because I love the budget tips, just wanted to prevent any (extremely rare but annoying) audit errors! ;) You'd have to really misstate your taxes to be hit with an IRS penalty but it's good to note!

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I'm Cris Stone and I live in San Antonio, Texas (by way of Salcha, Alaska) with my husband, daughter, baby boy, and cat. I love french fries, cold weather, and sleeping.

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