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Economic Indicators
- Major Economic Indicators Latest NumbersConsumer Price Index (CPI): unchanged in Feb 2010 News Release Historical Data Unemployment Rate: 9.7% in Feb 2010 News Release Historical Data Payroll Employment: -36,000(p) in Feb 2010 News Release Historical Data Average Hourly Earnings: +$0.03(p) in Feb 2010 News Release Historical Data Producer Price Index (PPI): -0.6%(p) in Feb 2010 News Release Histor […]
- Major Economic Indicators Latest Numbers
Consumer News
- Infantino Recalls to Replace SlingRider Baby SlingsThe U.S. Consumer Product Safety Commission (CPSC) and Health Canada (HC), in cooperation with Infantino LLC, of San Diego, Calif. are announcing a free replacement program for the Infantino "SlingRider" and "Wendy Bellissimo" infant slings. One million of these infant slings are being recalled in the United States and 15,000 are being re […]
- Infantino Recalls to Replace SlingRider Baby Slings
Economic Analysis
- Gross Domestic Product, 4th quarter 2009 (third estimate); Corporate Profits, 4th quarter 2009Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 5.6 percent in the fourth quarter of 2009, (that is, from the third quarter to the fourth quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the third […]
- Gross Domestic Product, 4th quarter 2009 (third estimate); Corporate Profits, 4th quarter 2009
Budget Office
- Federal Climate Change ProgramsAs awareness of global climate change has expanded over past decades, Congresses and Administrations have committed several billion dollars annually to studying climate change and reducing emissions of greenhouse gases, most notably carbon dioxide. Most of that spending is done by the Department of Energy (DOE) and by the National Aeronautics and Space Admin […]
- Federal Climate Change Programs
Economic Outlook
- S. 1703, A bill to amend the act of June 18, 1934, to reaffirm the authority of the Secretary of the Interior to take land into trust for Indian tribesCost estimate for the bill as ordered reported by the Senate Committee on Indian Affairs on December 17, 2009 […]
- H.R. 553, Reducing Over-Classification ActCost estimate for the bill as ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on November 4, 2009 […]
- Federal Climate Change Programs: Funding History and Policy Issues[…]
- Satellite Television Extension and Localism Act of 2010Pay-as-you-go estimate for the bill as provided by the Senate Committee on the Judiciary […]
- S. 2989, Small Businesd Contracting Revitalization Act of 2010Cost estimate for the bill as ordered reported by the Senate Committee on Small Business and Entrepreneurship on March 4, 2010 […]
- S. 1703, A bill to amend the act of June 18, 1934, to reaffirm the authority of the Secretary of the Interior to take land into trust for Indian tribes
10 Tips for Deducting Charitable Contributions
When preparing to file your federal tax return, don’t forget your contributions to charitable organizations. If you made qualified donations last year, you may be able to take a tax deduction if you itemize on IRS Form 1040, Schedule A.
The IRS has put together the following 10 tips to help ensure your contributions pay off on your tax return.
Contributions must be made to qualified organizations to be deductible. You cannot deduct contributions made to specific individuals, political organizations and candidates.
You cannot deduct the value of your time or services. Nor can you deduct the cost of raffles, bingo or other games of chance.
If your contributions entitle you to merchandise, goods or services, including admission to a charity ball, banquet, theatrical performance or sporting event, you can deduct only the amount that exceeds the fair market value of the benefit received.
Donations of stock or other property are usually valued at the fair market value of the property. Special rules apply to donation of vehicles.
Clothing and household items donated must generally be in good used condition or better to be deductible.
Regardless of the amount, to deduct a contribution of cash, check, or other monetary gift, you must maintain a bank record, payroll deduction records or a written communication from the organization containing the name of the organization, the date of the contribution and amount of the contribution. For donations by text message, a telephone bill will meet the record-keeping requirement if it shows the name of the organization receiving your donation, the date of the contribution, and the amount given.
To claim a deduction for contributions of cash or property equaling $250 or more you must have a bank record, payroll deduction records or a written acknowledgment from the qualified organization showing the amount of the cash and a description of any property contributed, and whether the organization provided any goods or services in exchange for the gift. One document may satisfy both the written communication requirement for monetary gifts and the written acknowledgement requirement for all contributions of $250 or more.
If your total deduction for all noncash contributions for the year is over $500, you must complete and attach IRS Form 8283, Noncash Charitable Contributions, to your return.
Taxpayers donating an item or a group of similar items valued at more than $5,000 must also complete Section B of Form 8283, which requires an appraisal by a qualified appraiser.
To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A.