11/21/2014
Today is the annual Day of Giving, and in that spirit, here are some important tips for deducting your charitable donations: First, you must itemize deductions to claim a tax deduction for your gift. You can only deduct gifts to qualified charities, you need to have a record of the donation (receipt, cancelled check, etc.), and if the gift is for $250 or more you need an acknowledgement from the chairty. You can deduct the donation when you make it, so as long as you mail the check or charge the credit card in 2014, you can deduct the donation, even if it clears in 2015. And don't forget to deduct your donation of household items and clothing on your tax return! Have questions or need more detail? Contact me!