Monthly Archives November 2017

Charitable Contributions

Giving Tuesday is November 28th.  If you donate to a charity and want to deduct the contribution, certain criteria must be met. The donation must given to a qualified tax exempt charity and not to individuals, political organizations, or political candidates.  The IRS Exempt Organizations Select Check Tool can be used to see if a charity is tax exempt. If a contribution is deducted, you must file Form 1040 and itemize your deductions on Schedule A of your tax return. If you receive something in return for your donation, you can only deduct the amount of the donation that’s more than the fair market

Do I Need Written Acknowledgements for Charitable Donations?

Here’s what the IRS says about written acknowledgements for charitable donations: Taxpayers who make single donations of $250 or more to a charity must have one of the following: A separate acknowledgment from the organization for each donation of $250 or more. One acknowledgment from the organization listing the amount and date of each contribution of $250 or more. The $250 threshold doesn’t mean a taxpayer adds up separate contributions of less than $250 throughout the year.  For example, if someone gave a $25 offering to their church each week, they don’t need an acknowledgement from the church, even though