To answer your question
Only contributions actually made during the tax year are deductible. For example, if you pledged $500 in September but paid the charity only $200 by Dec. 31, your 2003 deduction would be $200. You include credit card charges and payments by check in the year they are given to the charity, even though you may not pay the credit card bill or have your bank account debited until the next year.
Those itemizing deductions reduce their taxable income by the total contributed to qualified tax-exempt organizations, with some limits. The tax saving usually equals the deduction times the marginal tax rate – the top rate for the person’s income level.
For example, an individual with a taxable income of $50,000 donates $2,000 to his or her church. The tax savings from this generosity will be $500 — $2,000 times the taxpayer’s marginal tax rate of 25 percent.
^^^^^^^^^^^^^^^^^^^^
Here is some information about AMT on Year 2003
For 2003, the exemption amounts for figuring the AMT have increased. The amount depends on your filing status. You may have to pay AMT if your taxable income for regular tax purposes, combined with certain adjustment and tax preference items, is more than the exemption amounts below:
$58,000 if you are married filing a joint return or a qualified widow(er),
$40,250 if you are single or head of household, or
$29,000 if you are married filing a separate return.
The adjustments and tax preference items include such things as: standard or certain itemized deductions, taxable state and local tax refunds, accelerated depreciation of certain property, intangible drilling costs, certain tax exempt interest and the difference between AMT and regular tax gain or loss on the sale of property, treatment of incentive stock options and depletion allowances.
If you meet the criteria noted above and have several of the listed tax preference items, you should determine whether you might be liable for AMT. For details, see the instructions for line 42 of Form 1040, U.S. Individual Income Tax Return, as well as Form 6251, Alternative Minimum Tax—Individuals, and its instructions.
The forms and their instructions are available on this Web site or can be ordered by calling toll free 1-800-TAX-FORM (1-800-829-3676).
Only contributions actually made during the tax year are deductible. For example, if you pledged $500 in September but paid the charity only $200 by Dec. 31, your 2003 deduction would be $200. You include credit card charges and payments by check in the year they are given to the charity, even though you may not pay the credit card bill or have your bank account debited until the next year.
Those itemizing deductions reduce their taxable income by the total contributed to qualified tax-exempt organizations, with some limits. The tax saving usually equals the deduction times the marginal tax rate – the top rate for the person’s income level.
For example, an individual with a taxable income of $50,000 donates $2,000 to his or her church. The tax savings from this generosity will be $500 — $2,000 times the taxpayer’s marginal tax rate of 25 percent.
^^^^^^^^^^^^^^^^^^^^
Here is some information about AMT on Year 2003
For 2003, the exemption amounts for figuring the AMT have increased. The amount depends on your filing status. You may have to pay AMT if your taxable income for regular tax purposes, combined with certain adjustment and tax preference items, is more than the exemption amounts below:
$58,000 if you are married filing a joint return or a qualified widow(er),
$40,250 if you are single or head of household, or
$29,000 if you are married filing a separate return.
The adjustments and tax preference items include such things as: standard or certain itemized deductions, taxable state and local tax refunds, accelerated depreciation of certain property, intangible drilling costs, certain tax exempt interest and the difference between AMT and regular tax gain or loss on the sale of property, treatment of incentive stock options and depletion allowances.
If you meet the criteria noted above and have several of the listed tax preference items, you should determine whether you might be liable for AMT. For details, see the instructions for line 42 of Form 1040, U.S. Individual Income Tax Return, as well as Form 6251, Alternative Minimum Tax—Individuals, and its instructions.
The forms and their instructions are available on this Web site or can be ordered by calling toll free 1-800-TAX-FORM (1-800-829-3676).
選擇“Disable on www.wenxuecity.com”
選擇“don't run on pages on this domain”
