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Charitable Gifts of Property: Follow Stringent Rules to Ensure Deductions
The tax law imposes stringent requirements for deducting charitable gifts of property. These rules are especially tough when you donate appreciated property. If you do not observe all the rules, your...
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Tis’ the Season for “Charitable” Giving
With the holiday season in full swing many charitable organizations are reaching out to people seeking charitable contributions. Charitable contributions are a great way to reduce your taxable income,...
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Year-End Charitable Contributions: Food For Thought
In the spirit of the holidays, many American give to those in need. The average charity receives about 40 percent of its annual contributions between Thanksgiving and New Year’s Day, according to...
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Deducting Charitable Donations: What You Need to Know
The end of the year will be here before we know it and if you are like most taxpayers, you will be scrambling for some last minute tax deductions. A taxpayer can itemize and deduct such items as...
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Deductions and Documentation for Charitable Contributions
Before filing your 1040, you will need to compile the charitable contributions you made throughout the year. The IRS allows you to deduct both cash and noncash donations on your schedule A, along with...
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