Here’s a rundown of the law’s key provisions for charitable deductions:
The new law significantly tightens the rules for substantiating charitable donations of cash or cash equivalents. Effective for contributions in tax years beginning after Aug. 17, 2006, you can’t deduct any contribution of cash, check or other monetary gift unless you can show a bank record or from the charity indicating:
• The contribution’s amount.
• The date you made the contribution.
• The charitable organization’s name.
Therefore, you generally won’...(register to read more)