Tax Tips For Making Charitable Donations
"Hi! I'm Debbie Anderson for About.com!"
"Charitable donations can be a great tax deduction, so although you should always consult your CPA prior to taking these deduction, today we're going to cover a few tips on things to consider when making charitable donations for tax purposes! Confirm Tax-Exempt Status First, regardless of whether you're donating cash or property to charity, always double check that the organization you are donating to is a qualified 501(c)(3) tax-exempt organization so you can deduct your donation. Maintain Excellent Records Next, maintain good records of the donations you are making. For example: When donating items, such as clothing or tangible goods, keep a receipt of the appraisal value given to the items you donated to the organization for your records.
Alternatively, when donating cash, keep a copy of the check you wrote and a receipt of your monetary donation that is given to you by the tax-exempt charity organization before deducting this amount on your taxes. Get Appraisals for High-Priced Items When donating high priced items, such as a vehicle, make sure you have a written appraisal and acknowledgment letter from the non-profit organization that received your donation that states the value of your donated item and the date of the donation before claiming this charitable tax deduction on your final IRS Tax Return.
Finally, if your charitable donations do qualify for taking a tax deduction, always remember to file an itemized return for the tax season you are taking charitable donation deductions on your IRS Tax Return. Consult IRS If You Have Questions As always, consult the IRS.gov government website and your CPA with any questions you have regarding charitable donations before claiming them on your tax return! And with these few tips about charitable donations, you're sure to have a better understanding about making deductions for your charitable donations come tax season!
... To learn more, please visit us on the Web at About.com!"
http://video.about.com/taxes/Charitable-Donations.htm
"Charitable donations can be a great tax deduction, so although you should always consult your CPA prior to taking these deduction, today we're going to cover a few tips on things to consider when making charitable donations for tax purposes! Confirm Tax-Exempt Status First, regardless of whether you're donating cash or property to charity, always double check that the organization you are donating to is a qualified 501(c)(3) tax-exempt organization so you can deduct your donation. Maintain Excellent Records Next, maintain good records of the donations you are making. For example: When donating items, such as clothing or tangible goods, keep a receipt of the appraisal value given to the items you donated to the organization for your records.
Alternatively, when donating cash, keep a copy of the check you wrote and a receipt of your monetary donation that is given to you by the tax-exempt charity organization before deducting this amount on your taxes. Get Appraisals for High-Priced Items When donating high priced items, such as a vehicle, make sure you have a written appraisal and acknowledgment letter from the non-profit organization that received your donation that states the value of your donated item and the date of the donation before claiming this charitable tax deduction on your final IRS Tax Return.
Finally, if your charitable donations do qualify for taking a tax deduction, always remember to file an itemized return for the tax season you are taking charitable donation deductions on your IRS Tax Return. Consult IRS If You Have Questions As always, consult the IRS.gov government website and your CPA with any questions you have regarding charitable donations before claiming them on your tax return! And with these few tips about charitable donations, you're sure to have a better understanding about making deductions for your charitable donations come tax season!
... To learn more, please visit us on the Web at About.com!"
http://video.about.com/taxes/Charitable-Donations.htm