Happy July, everyone! July means it is mid-year tax planning time! One of the things you should be thinking about as you celebrate Independence Day is whether you are maintaining the required documentation for your charitable donations. Documenting Your Charitable Donations Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. The required documentation depends on whether the donation is cash and on the value of your gift. If you donate less than $250 in cash, for example, a canceled check, credit card statement or similar record may be sufficient, but if you give more, you will need a written acknowledgement from the charity. An additional tax form—and possibly an appraisal—may be needed for non-cash donations, depending on their value. Of course, the organization itself must also qualify as a charity under IRS rules.
Posted on: Tue, 01 Jul 2014 17:51:39 +0000
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