Charitable Donation Deduction?
it comes to deducting charitable gifts, all donations are not
As you file your 2015 return and
plan your charitable giving for 2016, it's important to keep
in mind the available deduction:
This includes not just actual cash but gifts made by check,
credit card or payroll deduction. You may deduct 100%.
property. Examples include stocks and bonds held one year
or less, inventory, and property subject to depreciation
recapture. You generally may deduct only the lesser of fair
market value or your tax basis.
capital gains property. You may deduct the current fair
market value of appreciated stocks and bonds held more than
personal property. Your deduction depends on the
the property isn't related to the charity's tax-exempt
function (such as an antique donated for a charity auction),
your deduction is limited to your basis.
the property is related to the charity's tax-exempt function
(such as an antique donated to a museum for its collection),
you can deduct the fair market value.
Unless it's being used by the charity, you generally may
deduct only the amount the charity receives when it sells the
of property. Examples include use of a vacation home and a
loan of artwork. Generally, you receive no deduction because
it isn't considered a completed gift.
You may deduct only your out-of-pocket expenses, not the fair
market value of your services. You can deduct 14 cents per
charitable mile driven.
Finally, be aware that your annual charitable donation
deductions may be reduced if they exceed certain income-based
limits. If you receive some benefit from the charity, your
deduction must be reduced by the benefit's value. Various
substantiation requirements also apply.
If you have questions about how
much you can deduct, let us know. Call us at
SMEED CPA Adds Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA; and Pablo Blanco who has
recently joined SMEED and comes with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
Would You Give Me Your
Feedback & Testimonial
on Our Hotline?
Hello it’s Michael Uadiale, CPA of
SMEED CPA Inc. We’ve just installed a toll-free
number that I would like for you to call and tell me how you
think we are doing as your CPA firm.
Just dial 800-609-9006
extension 3638 and follow the instructions. If we’ve
done a good job please let me know. And if we can
improve on anything, please mention that too.
Us Be Found on
Also as we expand our business,
we find more and more people are using
YELP and Google
to look for us by searching Brentwood accountant or
When they do this we want to
be FOUND on GOOGLE. One way you can help us
is to give us an
ONLINE REVIEW on our Google Maps/Places listing --->
or on our YELP local listing
click here to go to our Google Listing for SMEED CPA and
click on the
YELP link to go there.
Scroll down to the Review area.
On either site it may say: Been here?
Rate and review
You will click on the Rate and
review link and then log in, then
give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues, at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,