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  1. #1

    $5,000 tax deduction for “trash” LOOP HOLE

    If you don’t like paying taxes you are going to love this. And before the trolls and pissants craw out, this deduction was on my last audited tax return. I believe true professionals will find this information useful.

    Don’t throw anything away unless it has no value such as most kitchen garbage and used pampers. Get yourself a good program like “Deduct it”, or “Authorized donations”. Instead of putting your unwanted cloths and linens in the trash, donate them to the Goodwill or local charitable thrift shop. Get a receipt and then let your software fill in the value of your donations. Do the same when you give your aluminum cans to the Boy Scouts or drop off a mismatched place setting to a local church’s yard sale. If you participate in can food drives, get a receipt for what you turn in. If you shop specifically for items to donate, you can deduct the full value of the Grocery Store receipt.

  2. #2
    Join Date
    Jan 2003
    Location
    San Jose, Ca
    Posts
    2,089
    and do not forget about milage. the trip to the donation sights is deductable.
    By the way I think its deductable is a poor program I had too many troubles with it and just tossed it.
    Old snipes don't die they just loose their steam

  3. #3
    Join Date
    Nov 2000
    Location
    Coastal Georgia
    Posts
    34,902
    Nice tip Neva-duh. Nice and old.


    Justy keep in mind that a lot of deductions is what sends up the audit flag.

  4. #4
    Join Date
    Jun 2003
    Location
    Florida
    Posts
    9,548
    Originally posted by James 3528
    Nice tip Neva-duh. Nice and old.


    Justy keep in mind that a lot of deductions is what sends up the audit flag.

    Hence his audit.
    If everything was always done "by the book"....the book would never change.

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