Tax questions?

[cuterlt]

Where is a good place to get good answers to questions about specific tax issues?
I have a few questions that I haven't been able to figure out thusfar. Of course, if any of you can answer them, it would be much appreciated:
1) Can you deduct, as a charitable donation, donations made to a work leave bank? I donated over 50 hours last year because otherwise I would have lost it.
2) How are lawsuit winnings taxed? And if it's because of lack of parity pay?
Thanks!!!

 

[Dan Murphy]

http://www.irs.gov/faqs/

http://www.intuit.com/turbotax/ctq/charctq.html

 

[Tina]

I don't believe you can write off your donated hours. Donations must be to a qualified charitable organization, so unless I am misunderstanding, you're company probably does not qualify as a charitable organization.

Lawsuit winnings depend upon the type of award. As a rule, compensatory damages are generally excluded from gross income. Punitive damages are taxable. You may want to consult a tax advisor on this issue.