Make this a ‘record’ tax year for your contributions — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
  • LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Make this a ‘record’ tax year for your contributions

Get PDF file

by on
in Small Business Tax,Small Business Tax Deduction Strategies

We can't overemphasize the need to keep the required records for charitable donations, especially because the IRS is turning up the heat on donation deductions. Here's a recap of the main recordkeeping rules for donors:

Extra paperwork for gifts above $250

The IRS requires you to obtain a written acknowledgment from a charitable group for cash gifts of $250 or more.

You must obtain that acknowledgment by the time you file your tax return. It should include the amount of the check or cash donated, a detailed description of any donated property and the value of the benefit received (if the charity provided any goods or services). Key exception: You don't have to establish a value for an "intangible religious benefit" such as belonging to a congregation.

If your over-$250 contributions were made via payroll deduction, you can substantiate the write-off with pay stubs or your Form W-2. Substantiation isn't...(register to read more)

To read the rest of this article you must first register with your email address.

Email Address:

Leave a Comment

Previous post:

Next post: