As you are planning year-end and holiday
charitable contributions, here is a timely reminder taken from my “Charitable
Contributions Guide”, available for only $1.00 at my “Dollar Store”.
The last paragraph is highlighted because
it is very important.
“You can only deduct cash contributions if
you can provide a record of the contribution in the form of -
• a cancelled check,
• a bank record
(i.e. a copy of the front of the check included on your monthly bank
statement),
• an entry on a
bank or credit card statement indicating a credit or debit card charge, or
• a written communication from the church or
charity showing the name of the organization, the date and amount of the
contribution.
If you give to the United Way or other
charity via payroll deduction a pay stub, Form W-2, or other employer furnished
document that sets forth the amount withheld for payment to the charity, along
with a pledge card prepared by or at the direction of the charity, will satisfy
the “written communication” requirement.
The law does not say that all contributions
of more than $50.00 or more than $100.00 must be documented. It says that ALL cash
contributions must be documented. So if you give the DAV a dollar for a poppy,
and you want to deduct it, you must get a receipt!
You can no longer say you put a five or ten
dollar bill in the collection plate each week. You must actually write a check
to the church for the $5.00 or $10.00 each week, or take advantage of the
church's 'envelope' system, which will provide you with a written record.
If the total amount donated to a church or
charity is more than $250.00 you must have a 'contemporaneous' written
acknowledgement from the organization with its name and address, the date of
the contribution, and the amount donated.
It must also indicate whether you were provided any goods or services by
the charity in exchange for the donation.
To be
able to claim a deduction for the full amount of your contribution the
acknowledgement must state “No goods or
services were provided in exchange for the donation”. And the acknowledgement must be received from the donee organization before the earlier of
the date the original tax return is filed or the extended due date of the tax
return.”
TTFN
HOLIDAY
SPECIAL OF THE WEEK!
REGULAR
PRICE = $7.95
SPECIAL
DISCOUNT – 2/3 OFF = $2.65!
AVAILABLE
ON ORDERS POSTMARKED BETWEEN DECEMBER 1 AND DECEMBER 5, 2015
MY
BEST TAX ADVICE SPECIAL OFFER
TAXES
AND ACCOUNTING, INC
POST
OFFICE BOX A
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