contributions

Substantiating charitable contributions by individuals

March 8, 2023November 24, 2015

Substantiating charitable contributions by individuals A reminder about the requirements to substantiate all of your charitable contributions. If the contribution is $250 or more, you’ll need a written receipt from the charity. If you donate property valued at more than $500, additional requirements apply. Here are the details. General rules For a contribution of cash, check, or other monetary gift, regardless of amount, you must maintain a bank record or a written … Read more

Protect your deduction: Verify tax-deductible contributions before you donate

March 8, 2023November 13, 2015

Protect your deduction: Verify tax-deductible contributions before you donate Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. But before you donate, it’s critical to make sure the charity you’re considering is indeed a qualified charity — that it’s eligible to receive tax-deductible contributions. The IRS’s … Read more

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