Giving to charity has two major benefits: it helps those who receive it, and it helps you, because your donations can be claimed as a deduction on your income tax return. Before you donate though, there are a few rules to keep in mind to ensure that the gift you give is tax-deductible.
Attorney Randy Doane says:
“In order to claim a deduction for your charitable contributions, you must keep records as proof of your donations. This may be in the form of receipts, bank records, or a written statement from the charity. Your records should include the name of the charitable organization, the date of your donation, and the amount of your donation.”
If you have questions about year end charitable giving, the advice of an experienced attorney will prove to be invaluable as you help yourself by helping others. The managing partners at Doane & Doane combine certified public accountancy experience with cutting edge tax planning techniques to help businesses and individuals with all aspects of tax planning. Let them assist you every step of the way.
For more information or a free consultation call 561 656-0200.