Sep 24

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Gracious Gesture Provides Tax Benefit

As described here, a Georgia couple recently turned an unhappy circumstance into a benefit for many.  When their daughter called off her wedding too close to the actual event to obtain a refund on the high end venue, food and entertainment, the Fowlers had the idea to donate the already paid for services to a charitable organization for the homeless called Hosea Feed the Hungry.

The charity bussed 200 homeless guests, including 50 children, to the posh event, which it called the Fowler Family Celebration of Love.  No doubt the Fowlers felt the intrinsic reward of a good deed done and the event attendees enjoyed a night away from their daily struggles. But as an added benefit, the Fowlers can likely now use what would have otherwise been a total monetary loss as a charitable deduction on their tax return, thereby recovering a substantial portion of the out of pocket cost of the ill fated wedding.






About the author

Renee Howdeshell

Renee Howdeshell is a founding member of Fulcrum Inquiry, an accounting, finance and economic consulting firm that performs damage analyses for commercial litigation, forensic accountings, royalty & distribution audits, financial investigations, and business valuations. Ms. Howdeshell holds a degree in Finance and Marketing from the University of Virginia's McIntire School of Commerce and is a Certified Public Accountant (CPA) and a Certified Fraud Examiner (CFE). She has testified as an expert witness in federal court, CA state court and arbitration regarding the results of her work. She can be reached at (213) 787-4112 and her resume is available at www.fulcrum.com.

Permanent link to this article: http://betweenthenumbers.net/2013/09/gracious-gesture-provides-tax-benefit/

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