Tips for Year-end Charitable Contributions

The IRS reminds individuals and businesses making year-end charitable contributions of several important tax law provisions and the substantiation requirements to deduct the contributions. Some of the reminders to consider include (1) obtaining a written acknowledgement from the charity for gifts worth $250 or more, (2) having a bank record or written statement from the charity, regardless of the amount, (3) ensuring that the charity is eligible, (4) mailing checks before year-end to deduct them in 2014 (credit card donations charged in 2014 but paid in 2015 are deductible in 2014, though), (5) for most donations of cars, boats, and airplanes valued at more than $500, limiting the deduction to the gross proceeds from their sale, and (6) filing Form 8283 with the tax return for all noncash contributions over $500. To view full article which  contains additional new tax articles, visit:  Checkpoint_News

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