Tax Deductible Donations

[RFAJohn]

Are donations to NW Firearms tax deductible?

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[CountryGent]

Interesting question. Maybe @Joe Link can let us know?

 

[No_Regerts]

Good luck exceeding standard deduction at NWFA! Joe would appreciate it!

 

[DB is Here]

If not just donate 30% less than the amount you were going to donate...problem solved.

 

[2thdrglock]

Tax deductible donations are a thing of the past. Our effective tax rate went up almost exactly 10% in one year from 2018 to 2019 because we were basically denied itemized deductions. My wife and I are incredulous that there hasn't been an uprising in response to this egregious money grab. I never thought in my lifetime I would see the mortgage interest deduction eliminated.

 

[No_Regerts]

Tax deductible donations are a thing of the past. Our effective tax rate went up almost exactly 10% in one year from 2018 to 2019 because we were basically denied itemized deductions. My wife and I are incredulous that there hasn't been an uprising in response to this egregious money grab. I never thought in my lifetime I would see the mortgage interest deduction eliminated.

Why would you need to itemize if your standard deduction basically doubled?

 

[RFAJohn]

If not just donate 30% less than the amount you were going to donate...problem solved.

Thank you for the suggestion.
I don't wish to reduce my monthly donations. I am working on my tax return for 2019. I just want to claim donations here if they happen to be eligible, ie: 501(c)3

 

[DB is Here]

Thank you for the suggestion.
I don't wish to reduce my monthly donations. I am working on my tax return for 2019. I just want to claim donations here if they happen to be eligible, ie: 501(c)3

Totally get it, I was just having fun anyway. Thank you for supporting NWFA

 

[CountryGent]

Good timing because I'm putting together the avalanche of paperwork for our tax accountant. If that can be added to charitable donations, sweet!

 

[2thdrglock]

Why would you need to itemize if your standard deduction basically doubled?

I don't really care how much the standard deduction has gone up as long as my effective tax rate went up by 10% on the same income. It's not rocket science. By itemizing all previous years in my working life since I became a home owner, I was able to always pay lower taxes than taking the standard deduction. However, never in all my working and tax-paying years have I been punished like this past year.

 

[Joe Link]

I wish! Unfortunately, they aren't.

Thanks again to everyone who donates to NWFA. I know I say it all the time but we literally couldn't do this without those donations (they're our largest source of revenue by far).

 

[CountryGent]

Rodger-dodge. Tax status ain't going to change us donating. But good to know.

 

[CountryGent]

And on that score, two amigos just entered "the bronze age". (teehee)

 

[No_Regerts]

I don't really care how much the standard deduction has gone up as long as my effective tax rate went up by 10% on the same income. It's not rocket science. By itemizing all previous years in my working life since I became a home owner, I was able to always pay lower taxes than taking the standard deduction. However, never in all my working and tax-paying years have I been punished like this past year.

I used to itemize as well, but standard deduction is now greater than my itemized deductions, so my tax burden has decreased. I'm taking home more of my check and getting an equally large tax refund. If I made more large purchases or had a bunch of medical expenses, I might come close.

 

[2thdrglock]

Well my effective tax rate is now about 33% and it's killing us. I have a CPA doing our taxes and she has done a great job every year. I don't know what the f&%k happened. All I know is now it seems we are just working to pay the feds and the state...

 

[ZigZagZeke]

Well my effective tax rate is now about 33% and it's killing us. I have a CPA doing our taxes and she has done a great job every year. I don't know what the f&%k happened. All I know is now it seems we are just working to pay the feds and the state...

I would have someone else take a look at your tax situation. I use an enrolled agent when I have a tax question. Expensive, but worth it. When I had $30K in itemized deductions I was paying around 8% effective tax rate. My wife works for a school district now, so we're not paying $10K for health insurance anymore. Under the new laws, taking the standard deduction, my effective tax rate is zero thanks to the $4K (versus $2K) child tax credit I now enjoy. Even without that credit my effective rate would be around 5%.

 

[CountryGent]

And my best friend ever just received a silver ring. (teehee)

 

[TeacherSmurf]

And my best friend ever just received a silver ring. (teehee)

Thank you my love The new sparkly band fits just right with the diamond and gold.

 

[CountryGent]

Thank you my love The new sparkly band fits just right with the diamond and gold.

Happy wife, helping NWFA, what can one more ask for?

 

[TeacherSmurf]

Happy wife, helping NWFA, what can one more ask for?

Your latest tax stamp for your machine gun to be approved?