Financial Craft Talk

Posted by Ruth Ann Angus

on Sep 20, 2011

George Ross completely dumbfounded us with his wealth of information on how to get around paying the government more than you ever wanted to! Just kidding! He actually gave us, in 20 minutes, a lot of valuable information about cash donations, investments, stocks, vehicles, proper documentation and more in regards to filing your income taxes. For example, if you decide to donate your auto, your boat or your plane (!) to a deserving organization, you can only get the value of what they auction it for. Also, if items are valued at more than $5000 they must be appraised by a qualified appraiser. But most importantly, if you want to keep yourself from being audited, make sure you keep a well documented paper trail including digital photos, receipts, and the value of your credentialed professional time for volunteer work. For for most of us, keep your donation amount low in order to avoid trouble or if you are unsure, see a qualifed, certified, professional tax person.