Hmmm: How To Get The Most Out Of Your Charitable Contributions. First, make sure you give to a qualified organization, recognized by the IRS. Also, you must itemize your deductions on Schedule A of the Form 1040. For every dollar you list as a charitable donation, you get an equal dollar deduction as long as you have more total deductions than your standard deduction. Want a deduction for all of your donations? Keep good records and those blank receipts you get from Goodwill, etc. Fill them out immediately. Turning in a blank receipt in April does no good when you cant remember what you donated. When you contribute online, make sure you receive a confirmation email. Make sure ALL receipts or letters contain the name of the organization, the contribution date and the amount. If your total deduction for ALL non cash contributions during the year is more than $500, you must complete and attach Form 8283. Have questions? Call us at 303 856 7752 or visit ricorafinancialservices. ENROLLED AGENTS (EA) -- Americas Tax Experts.
Posted on: Thu, 04 Dec 2014 00:23:44 +0000