Many people make donations to charities whose work they support, but if you are planning
to take a tax deduction for your gift, you must have the proper paperwork. Assembling the right documentation can also be tricky because
the requirements vary based on whether the donation is cash and on the value of your gift. If you donate less than $250 in cash, for example,
a canceled check, credit card statement
or similar record
may be sufficient, but if you give more, you will need
a written acknowledgement from the charity.
An additional tax fo1m-and possibly an appraisal-may be
needed for non-cash
donations, depending on their value. Of course, the
organization itself must also qualify
as a charity under IRS rules.
We can offer advice that will make it possible
for you to fund the causes you believe in and
qualify for the deductions you deserve. We can also help you incorporate charitable giving into your long-term
tax and estate planning. Be sure to contact us with all of your questions on charitable giving or any other financial concern.
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