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CONTACT
Cook & Co.
Bara Business Center
124 South Main Street
Arab, Alabama 35016-1351
- Main Tel: 256-586-4111
- Nationwide: 800-551-6253 or 6254
- Birmingham (Direct): 322-7452
- Huntsville (Direct): 534-6922
- Fax: 256-586-4138
- Email: info at bara dot net
- Directions:
Map
- Office Directory
- We accept VISA, MasterCard, Discover and American Express
OFFICE HOURS
Tax Season (Feb 1 - Apr 15) Mon - Fri
9:00 a.m. - 8:00 p.m. Saturdays 9:00 a.m.
- 4:00 p.m.
After Tax-Season (Apr 16 - Jan 31) Mon - Thu 9:00 a.m.
- 5:00 p.m. Closed on Fri and Sat
Scheduling an
Appointment:
With the majority of our clientele being in the Huntsville and
Birmingham metropolitan areas, we maintain direct phone lines from
those areas. In Huntsville call 534-6922. In Birmingham call
322-7452. Our local Arab telephone numbers are (Area Code 256)
586-4111, 586-4112, 586-4113 and 586-4114 (if using a cell phone,
please use one of these numbers). If you need to call toll-free,
dial 1-800-551-6253 or 1-800-551-6254.
Available appointment times on the hour are: Mornings
9, 10 or 11, Afternoons 1, 2 or 3 and Evenings 6, 7 or
8 (no evening appointments on Saturdays).
HELPFUL INFO
Our sitelinks are divided into four main categories:
The Accounting Department, where you
will find information related to; accounting, bookkeeping and
payroll.
Our Tax Department has answers to many
questions you may have regarding federal, state and local taxes,
including; income tax, sales tax, privilege tax and use tax.
In the Financial Department you will
find articles and information on; managing your finances, banking,
investing, different types of investments, cash and debt management.
The Technology Department contains
helpful information on; computers, software, information systems,
automated processes, the internet and email.
Many hours of work have gone into our effort of providing the
information contained in this website, not only to our many clients,
but the public in general. As of August 2009 we have more than 1,000
pages. To quickly find the answers to your accounting, tax,
financial or technology related questions, please use our search
box, which is in the upper left corner of every page.
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Charitable Gifts – Still Deductible, But You Must Have Proof
If you are like most Americans, you make donations throughout the year. Your
schools, religious groups, museums, Salvation Army, Cancer Fund and many
more non-profit organizations benefit from your giving.
The U.S. Congress recognizes the benefits of your generosity and has
steadfastly maintained deductions on your federal income tax for charitable
giving. But this doesn’t mean that there aren’t regulations to be followed.
And the rules have gotten stricter for reporting charitable gifts on your
2007 tax return.
Donations of Cash
The good news: You are still permitted to take substantial tax write-offs
for charitable contributions – as high as 50 percent of your adjusted gross
income.
The old news: Charitable contributions of $250 or more require a specific
written acknowledgment from the charity.
The new (stricter) news: Any out-of-pocket cash donations you make without
documentation cannot be deducted. No longer can you deduct cash dropped in
the collection plate at church or synagogue.
The solution: Get a receipt for all donations.
All donations must be documented by a bank record (cancelled check or bank
statement) or a written communication from the charity. The documentation
must include the name of the charity, the date of the contribution, and the
amount of the contribution.
For contributions of $250 or more, you can deduct the contribution only if
you have an acknowledgment of your contribution from the charity. A bank
record is not sufficient documentation for a donation of $250 or more.
Donations of Clothing and Household Goods
The good news: These donations are still deductible.
The hard to understand rules: Experts are still working on how to interpret
the language which reads, “to be deductible, clothing and household items
donated to charity after August 17, 2006, must be in good, used condition or
better.” How does a taxpayer document the condition of used items? One
option: Consider taking photos.
The documentation required for deduction of a non-cash donation varies with
the amount of the deduction. If the deduction is less than $250, only a
receipt from the charitable organization is required. For a deduction of
$250 or more, a written acknowledgment from the charity is needed. If the
deduction exceeds $500, detailed information on the items donated must be
reported on your tax return. For donations exceeding $5,000 in value, a
qualified appraisal is required to support the valuation. Recommendation:
For all non-cash contributions, keep an itemized detailed inventory of what
you donate including cost, date bought, condition and current value.
Consider an appraisal or other means of documenting the value of expensive
items that you plan to donate to charity.
In all cases: Consult your tax advisor for help with your specific
situation.
This information is provided as a public service, and should not be
construed as individual accounting or tax planning advice. For information
on how these general principles apply to your situation, please consult an
accounting or tax professional.
Buddy Fricke, EA, ATA is an Accredited Tax Advisor who practices with Cook &
Co. located in Arab, Alabama.
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