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11/15/2006 10:15:34 PM · #26 |
Originally posted by Spazmo99:
Financially, sure.
But since you sold a photo, that's gotta make you feel good.
Then, making the donation makes you feel even better. |
Good point :)
~Terry
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11/15/2006 10:51:11 PM · #27 |
Originally posted by ClubJuggle:
Originally posted by fotomann_forever:
Well, don't that just bite. |
Well, not really. Think of a hypothetical situation where Bob and Sue are each asked to produce a photograph for their favorite charity:
...
~Terry |
This (full) post is probably the most sensible thing written about taxes in the last 78 years. Thank you. : )
Message edited by author 2006-11-15 22:51:41. |
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11/16/2006 11:05:00 AM · #28 |
Originally posted by ClubJuggle:
Bob produces the photo and incurs actual expenses of $5. As a matter of principle, Bob does not give his photos away for free, but is happy to "trade checks" and donate his licensing fee back to the charity. He sends the photo off to the charity, along with a license to use the photo and an invoice for his licensing fee of $200. The charity pays the invoice, and Bob immediately cuts a check to the charity for a $200 donation, essentially donating back his licensing fee.
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I've been wondering about this. Assuming Bob is a talented amateur, and only makes a little money from photography. If Bob receives $200 for the photo and treats it as income, he can take a $200 deduction for any camera gear he has purchased. Can he also take a $200 deduction for the charitable contribution? Or does the IRS have rules to prevent this sort of "double dipping"?
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11/16/2006 11:32:15 AM · #29 |
Originally posted by robs:
14 cents per mile huh - I didn't do the maths, but can any car run on this with the cost of fuel in your area :-) At least for business use it's 40-something. |
irs mileage rates |
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11/16/2006 11:36:34 AM · #30 |
Originally posted by GeneralE:
This (full) post is probably the most sensible thing written about taxes in the last 78 years. Thank you. : ) |
Isn't there some sort of law against that ?
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11/16/2006 12:17:03 PM · #31 |
Originally posted by Gordon:
Originally posted by GeneralE:
This (full) post is probably the most sensible thing written about taxes in the last 78 years. Thank you. : ) |
Isn't there some sort of law against that ? |
She forgot to add the line about "This is just general advice for specific information see a tax laywer" :-)
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11/16/2006 02:13:33 PM · #32 |
| And this was supposed to be an easy question. LOL |
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04/14/2012 01:51:37 AM · #33 |
The Internal Revenue Service knows that working class individuals routinely inflate the value of
charitable contributions on their tax returns. As a result, the tax bureau examines these items particularly closely. It is important to evaluate gifts fairly and transparently if a taxpayer desires to claim the deductions and avoid an audit. The following suggestions may help. If you need to pay a tax fee, a personal loan can help.
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04/14/2012 05:48:59 AM · #34 |
Originally posted by cpanaioti:
And this was supposed to be an easy question. LOL |
...there are no easy questions when dealing with taxes.
Ray |
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04/14/2012 07:15:27 AM · #35 |
If you bought any camera gear this year, you can sell the photo, thus earning an income from your hobby. You can donate the money back to the charity. Now you can claim you photography gear as a business expense.
Its also worth noting that going this way can flag you for an audit. You also need to itemize.
It may not even be worth it. Call a tax professional. |
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04/14/2012 07:41:47 AM · #36 |
| Also, the tax rules might have changed in the last five and a half year since the original poster asked the question... |
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