What documentation did you provide your CPA so that he/she could properly prepare your taxes?
Don't tell the symphony that the tickets to their performances have no value. Perhaps it was a free concert for all to attend. Perhaps the dollar amount of the contribution was under $250? Did your CPA ask for the letter from the charity acknowledging the contribution and nothing of value was given by the charity in connection with your donation?
Personally, I would simply follow IRS guidelines. Nothing more. Nothing less. And I can't fully deduct a $500 to a charity dinner event. I received a meal with drinks valued at $100, and a $40 attendance gift. Therefore, the charity would send me a letter stating that $360 of my donation would potentially be deductible if I itemized. If I did not itemize my deductions (and took the standard deduction), $-0- would be deductible.
I am not a high roller like some notaries. I take the standard deduction on my personal tax return. I am delighted for everyone that business has been so robust that some need charity tax deductions. For single filers earning $209,426 to $523,600, that would put you in the 35% tax bracket. If you make a $20,000 cash charity contribution, that will qualify you for a tax savings of $7,000. It is NOT a dollar-for-dollar reduction in tax liabilities.
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