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Posted: 1/25/2014 6:37:54 AM EDT
Well good news and bad news...

I made more laster year

I now owe a net 1600

Gotta bridge that gap.

I have about a half dozen receipts or so from goodwill donations.

I made various trips donating art kids clothes, toys, housewares, adult clothes etc.

How do i put a dollar amount on all of that?

How do I determine business related expenses and what is the cap? all income this year is W2 only.

I already itemize and deductions are only at 14k this year and i get the child tax credit and day care credit (fsa i know).

Link Posted: 1/25/2014 4:03:35 PM EDT
Dont forget Gambling, you can deduct some for that.
Link Posted: 1/25/2014 6:52:43 PM EDT
Put money in your 401k
Link Posted: 1/25/2014 8:08:45 PM EDT
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Originally Posted By die-tryin:
Dont forget Gambling, you can deduct some for that.
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Only if you had gambling winnings; the loss can only work as an offset.

http://www.irs.gov/taxtopics/tc419.html
Link Posted: 1/27/2014 6:52:13 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By cmdrstask:


Only if you had gambling winnings; the loss can only work as an offset.

http://www.irs.gov/taxtopics/tc419.html
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By cmdrstask:
Originally Posted By die-tryin:
Dont forget Gambling, you can deduct some for that.


Only if you had gambling winnings; the loss can only work as an offset.

http://www.irs.gov/taxtopics/tc419.html


Beat me to it.

It's a total rip.  If they are going to tax a negative expected return activity like Gambling, then the door should swing both ways.  Taxing both the house and the gambler on both ends is double dipping.  

I think Canada actually got this right and doesn't tax gambling winnings (nor deduct losses).
Link Posted: 1/28/2014 4:53:55 AM EDT
Link Posted: 1/28/2014 3:40:33 PM EDT
Traditional IRA.
Link Posted: 1/28/2014 4:33:46 PM EDT
So you gamble and you win and you don't want to pay the taxes?  

"You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return"

Read that carefully.  Cannot deduct more than you won



Sorry got a little off topic with that one.  As far as the value of goodwill donations, I have always been told to use my "best judgment"
Link Posted: 1/28/2014 7:01:30 PM EDT
Originally Posted By 4bangin:
Well good news and bad news...

I made more laster year

I now owe a net 1600

Gotta bridge that gap.

I have about a half dozen receipts or so from goodwill donations.

I made various trips donating art kids clothes, toys, housewares, adult clothes etc.

How do i put a dollar amount on all of that?

How do I determine business related expenses and what is the cap? all income this year is W2 only.

I already itemize and deductions are only at 14k this year and i get the child tax credit and day care credit (fsa i know).

View Quote


How about donating the money to yourself?  Like an IRA
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