How much is too much when it comes to itemizing donations? Like if someone was to try and put cloth, appliances etc on their taxes to try and eat up some negative debt how much is too much where they would not have to worry about it
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How much is too much when it comes to itemizing donations? Like if someone was to try and put cloth, appliances etc on their taxes to try and eat up some negative debt how much is too much where they would not have to worry about it
I have always found that finding a GOOD CPA is the best advise. I learned along time ago that all CPA's (like lawyers) are not created equal. If you get a REALLY GOOD one, he/she will itemize things you never dreamed about, and they will know just how far to push the envelope so that you don't raise any red flags. As far as clothes, I just take the allowable $500 for charity, which doesn't require any further documentation.
^^^^Yep, I file once a year, pay the fines for not filing quarterly as a business and pay my CPA a few hundred dollars and always come out way ahead.......definitely need someone who knows how the system works, they're worth every penny.