Keeping track of your charitable donations for tax purposes

The fact is, making charitable contributions is a good way to give back to your community and can be deducted on your tax return. Let’s go over the details and major considerations that need to take place when donating items or money. Cash, checks + other monetary gifts Cash, checks or other monetary gifts are …

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Charitable donations deduction limitation

As you know, there are potential tax benefits for your donations to qualifying charitable organizations, and the tax reform bill is not making any major changes to that. There is, however, one taxpayer-friendly adjustment in the tax bill regarding cash donations. When making donations to public charities, your allowable tax deduction is limited to a …

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Scammers setting up fake charities – again!

Unfortunately, it is time to update a blog from some time ago, warning about unscrupulous scammers out there trying to take advantage of the good intentions of the American taxpaying public with fake charities. (See previous blog post, though many of the same suggestions still apply, but with updated information.). The IRS issued a warning …

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2017 annual Giving USA Report released

The Giving USA Foundation (a public service initiative of The Giving Institute) has released their 2017 annual Giving USA Report on Philanthropy in collaboration with The Indiana University Lilly Family School of Philanthropy. Using data from calendar year 2016, the Giving USA report compiles and analyzes data on charitable giving in the U.S in order …

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Itemized deductions: charitable contributions

Itemized deductions… you probably think you don’t need to read this because it is something that has been around and hardly ever changes. You probably think you know what is and is not deductible at this point, correct? It is all too often that some little things like itemized deductions get pushed aside, because everyone …

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Documentation Requirements for Non-Cash Contributions

Many taxpayers donate unused clothing or household items to Goodwill or other charitable organizations each year, and probably view it as a win-win situation. The donations go to a good cause, the taxpayer is able to remove some clutter from their house, and last but certainly not least, gets to deduct the donation on their …

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Tips for Making Year-End Charitable Donations

December has arrived and thanks to the holiday spirit (and the impending end-of-year tax deadline), December is the month when you are more likely to reach out to your favorite charity and make a donation. Whether you are looking to spread some goodwill this holiday time or to be more charitable in general, be sure …

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IRS Proposes Nonprofits Collect Social Security Numbers

For several years now, the IRS has been working to crack down on fraudulent deductions for charitable contributions. IRC §170(f)(8)(A) requires taxpayers to obtain contemporaneous written acknowledgment from a charity in order to claim donations of $250 or more. IRS field agents have reported that under audit, many taxpayers claim they’ve lost receipts supporting those …

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Donating Artwork: Documentation & Appraisals

I recently had the opportunity to attend a lecture on Art & Legacy Planning at the Phoenix Art Museum and heard a talk by Susan L. Brundage, Director of Appraisal Services at Art Dealers Association of America. She shared a lot of great information on maintaining documentation for artwork, getting artwork appraised, and the tax …

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