Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Fri May 30, 2014 01:29 PM CDT

There is a perception that writing a check to your church or other charity produces a full tax deduction. But that's becoming increasingly problematical. For upper income filers (over $250,000 of adjusted gross income on the 1040), itemized deductions, including charitable contributions, are subject to phase-out. And for others, especially those without large residential mortgage interest deductions, the itemized deductions are often of modest benefit due to the standard deduction alternative of over $12,000. Bottom line: A $10,000 charitable contribution may be effectively reduced to a smaller deduction as it works its way through your 1040.

Here are some strategies ...

Quick View
  • Back to Beans Growers considering moving a field from continuous corn back into soybeans should pay special att...
  • The Attraction of Youth Combine genotyping with a yearling bull, or even a weanling, and you're less likely to make a poo...
  • Kubota Steps Up A new mid-range, high-horsepower M7 tractor moves this company into the row-crop arena.
  • SCO Sticker Shock Costs and potential disconnect with county yields make the Supplemental Coverage Option a hard se...
  • Clean Water Goes a Long Way Cleaning up 900 feet of a small creek in Kentucky brings rebirth to water once choked with sedime...
  • Clean Air Lawsuits Filed Several environmental and animal-welfare groups argue in two lawsuits that there is well-document...
  • Ag and Environment Outlook Agriculture continues to watch how the U.S. Environmental Protection Agency implements the propos...
  • Surgery on Plastics Dharma Kodali's goal is to insert soybean oil in the basic ingredient list for PVC plastics.
  • Ask the Vet How should I treat a cow with a swelling on her flank?
Related News Stories
Tax Outlook
SCO Sticker Shock
Ask the Taxman by Andy Biebl
Fines for Fringe Benefits
Year-End Tax Panic
Barge Tax Faces House Vote
Tax Extenders Talk Heats Up