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How To Audit-proof Charitable Donations For Income Tax Season
February 28th, 2009
How To Audit-proof Charitable Donations For Income Tax Season
The IRS means business when it comes to properly documenting donations given to charity. Because of a change in the tax law you must now obtain written documentation for ALL cash donations.
| Prior to the tax law change if your cash donation was less than $250, you weren’t required to have it substantiated with a receipt from the charity. But now you do. This means all tithes to your church too, that’s if of course, you’re going to claim it as an itemized deduction.
Here’s a suggestion to ensure all of your t’s are crossed and your i’s are dotted in case of an audit. Always maintain good records and do it now instead of procrastinating till the tax deadline is staring you in the face. When you give to your local charity make sure you get a receipt. It must show the charity’s name, the date you contributed and the amount you donated. |
Posted in Taxes | 
Tags: find income tax help, get tax help, tax rules 1031 exchange, taxes small businesses | 
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