The holidays are upon us. For many, the holiday season represents a time for giving. And sometimes it's in giving that we receive...
But not so fast. On November 25, 2014, the IRS reminded individuals and businesses to take into account recent tax law provisions that might affect planning for year-end giving.
Are you maintaining the necessary documentation to receive your tax deductions? In this informative article, the IRS provides guidelines for properly documenting charitable contributions of household and clothing items, as well as monetary donations:
Things to keep in mind during this season of giving:
- Check charity eligibility - Make sure the charities to which you give are eligible organizations for tax deductions by using the IRS's searchable online Select Check tool.
- Timing matters - Charitable contributions are deductible in the year made.
- Record donations - The IRS gives fairly detailed guidelines for this one in the article listed above.
Feeling overwhelmed with all the "ins" and "outs" of charitable giving this tax season? Don't forget, at Banks & Associates CPAs, we've got your back. Contact us today to schedule year-end planning.