How much in charitable deductions can barry put on the taxes

Assignment Help Accounting Basics
Reference no: EM132581804

You are preparing Barry's tax return and while doing his schedule A, you review his list of the following charity deductions:

Cash contribution to a family who lost a house during the hurricane-$2,000;

Time working as a volunteer at the Goldsboro kitchen- 10 hours @ 50 = $500;

Cash contribution to the local OFW church with receipt attached $2,800;

Contribution to the Salvation Army with a note-

Question 1: Write an client letter to help Barry with his deductions-what would you say about each one-is it a deduction or not? Also, how much in charitable deductions can Barry put on his taxes?

Reference no: EM132581804

Questions Cloud

What happens to the snail reproductive system : What happens to the snail reproductive system when it is infected with Schistosoma mansoniand what is its functional significance to the parasite?
Discuss about gene associated with high altitude adaptation : Which gene was implicated as a gene associated with high altitude adaptation, and what does it do? Why do they think that the high incidence of this gene.
Taenia saginataor taenia soliumstill : Human infections with either Taenia saginataor Taenia soliumstill occur in some parts of the world.
What is the value of the stock in the fifth year : Which would grow by 10% for the next 4 years. Then it will grow with at 7% forever. The discount rate is 15%. What is the value of the stock in the fifth year
How much in charitable deductions can barry put on the taxes : How much in charitable deductions can Barry put on his taxes?Cash contribution to a family who lost a house during the hurricane-$2,000
Characteristics of clostridium difficile : What are the characteristics of clostridium difficile and how does disinfectant affects the cell structure? ( Microorganisms)
About entrepreneurship in global economy : Describe the organization's environment, and evaluate its preparedness to go global, if not already, and it's strategy for staying global if it is.
Reflect the importance of being able to evaluate progress : Consider how the use of a balanced scorecard reflects the importance of being able to evaluate progress, assess the impact of planned change on performance.
Which allele is recessive : And the wrinkled seed plant is crossed to a smooth seed plant. The F1 generation is all wrinkled. Which allele is recessive?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd