Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (24) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: rosewine Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121254  
Subject: Re: Charitable Donations Date: 4/19/2011 8:21 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
I tell my clients (and myself) who are in this situation to just drop the receipts in an envelope until the end of the year when they know what their income is and can determine if it is worthwhile to itemize or take standard deduction. Same thing with just about everybody and medical expenses. If you ended up having some catastrophic out of pocket expenses at the end of the year, it would be nice to have a file of receipts for early in the year when you didn't think you would need them.

Another consideration is where you live and how your state tax is figured if you have one. For example, in Oregon you can itemize on the state taxes even if you take standard deduction on federal. Oregon's standard deduction is tiny in comparison. Also, if you are age 62 or older, you can take all of your medical as an itemized deduction on the state return.

So, I use standard deduction on federal and itemize on state.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (24) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Value Hounds

Mobileye's Growth too Hot?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement