Gary Lineker, the former high scoring British footballer, was
out for a show with his wife last month when he was approached by a
homeless person asking for spare change. Lineker graciously gave the man
the change from his pockets. Lineker is currently married to actress and
model Danielle Maria Lineker and works as an announcer for the English
language football coverage for the Al Jazeera network, which is broadcast
throughout much of the Middle East.
Gifting versus giving to charity.
If you would like a tax deduction for the money you donate it must be
given to a
qualified charitable organization. What is a qualified charitable
organization? It is an organization that is operated exclusively for
religious, charitable, scientific, literary, or educational purposes, or
for the prevention of cruelty to animals or children. Gifts of cash or
property to these organizations are tax deductible.
You are free to gift whatever you want to someone, but be sure you
the IRS tax rules. Gifts can not be disguised forms of compensation and
individuals can not use gifts as tax deductions. However, business owners
can deduct the cost of a gift up to $25.00. The IRS will let your business
deduct $25 or less for business gifts you give to any one person during
your tax year. Those receiving the gifts do not have to report the gift as