Charitable Contributions

For Charitable Contributions, there are a couple of options:


1). If you know the amount of taxes it will save them you could enter a special expense for the charitable contribution but back out the deduction amount.

For example, if donating $10,000 would help her save 15% of that amount, then that would be a $1500 deduction… so enter $8500 as the “net value” of the Special Expense.


Option 2).  Enter the full Charitable Contribution as a Special Expense.  If it goes on for several years use Duration to repeat in on an annual basis.  Then enter a Cash Infusion for the “Tax Deduction” they would get for the Special Expense.   Thus the 2 line items together would show client detail about what you are estimating in this area.

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