Newsletter

Newsletter

Documenting Your Charitable Donations

stardust-and-magic-in-woman-hands-on-dark-background-picture-id599771058.jpg

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. Assembling the right documentation can also be tricky because the requirements vary based 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. Large donations can flag IRS attention so its important to ensure that they are properly documented with an acknowledgement from the organization that states no goods or services were provided in exchange for the contribution. Of course, the organization itself must also qualify as a charity under IRS rules.

I can offer advice that will make it possible for you to fund the causes you believe in and qualify for the deductions you deserve. I can also help you incorporate charitable giving into your long-term tax planning. Be sure to contact me with all of your questions on charitable giving or any other financial concern.

Emily Acevedo