Charitable Tax Deduction Donantion Changes

charitable tax deductionsThere are a number of new tax laws in recent years when it comes to charitable contribution deductions. These are some pretty significant changes, so keep in mind the following as you do your taxes in regard to the cash and non-cash donations you’ve made.

Cash Donations: For cash donations, the big news in 2007 is that deductions will no longer be allowed without receipts. Therefore, tossing cash into the collection plate is no longer a good idea. If you are attached to the collection plate, you could always toss in a check instead. In case of audit, the IRS uses three methods to substantiate charitable deduction:

  • Canceled checks
  • Credit Card Statement
  • Written acknowledgement from

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2 Responses to Charitable Tax Deduction Donantion Changes

  1. Ian says:

    Thanks – good to know!

  2. Debbie says:

    Thanks for that Salvation Army website and the note about socks. I always just went to a local thrift store and tried to find similar items. This will be quicker and having something to print out will be nice.

    Also, I hadn’t thought of taking pictures and I do have a digital camera now, so the pictures will be free, and I will start doing that in the future.

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