- Clarksville, TN Online - http://www.clarksvilleonline.com -
IRS Offers Tips for Year-End Giving
Posted By News Staff On Sunday, December 23, 2012 @ 2:00 pm In News | No Comments
Washington, D.C. – Individuals and businesses making contributions to charity should keep in mind some key tax provisions that have taken effect in recent years, especially those affecting donations of clothing and household items and monetary donations.
Rules for Clothing and Household Items: To be deductible, clothing and household items donated to charity generally must be in good used condition or better.
A clothing or household item for which a taxpayer claims a deduction of over $500.00 does not have to meet this standard if the taxpayer includes a qualified appraisal of the item with the return.
Household items include furniture, furnishings, electronics, appliances and linens.
To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Bank records include canceled checks, bank or credit union statements, and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid. Credit card statements should show the name of the charity, the date, and the transaction posting date.
Donations of money include those made in cash or by check, electronic funds transfer, credit card and payroll deduction. For payroll deductions, the taxpayer should retain a pay stub, a Form W-2 wage statement or other document furnished by the employer showing the total amount withheld for charity, along with the pledge card showing the name of the charity.
These requirements for the deduction of monetary donations do not change the long-standing requirement that a taxpayer obtain an acknowledgment from a charity for each deductible donation (either money or property) of $250.00 or more. However, one statement containing all of the required information may meet both requirements.
To help taxpayers plan their holiday-season and year-end giving, the IRS offers the following additional reminders:
Article printed from Clarksville, TN Online: http://www.clarksvilleonline.com
URL to article: http://www.clarksvilleonline.com/2012/12/23/irs-offers-tips-for-year-end-giving-2/
URLs in this post:
 Image: http://www.youtube.com/watch?v=dvn_qBqXy_c
 Image: http://www.youtube.com/watch?v=ob4-W5cbV0Y
 Image: http://www.clarksvilleonline.com/cols/www/delivery/ck.php?n=aa8e5b9a&cb=16086645
 Charities & Non-Profits: http://www.irs.gov/charities/index.html
 Publication 526: http://www.irs.gov/pub/irs-pdf/p526.pdf
 Can I Deduct My Charitable Contributions?: http://www.stayexempt.irs.gov/Mini-Courses/Can_I_Deduct_My_Charitable_Contributions/can_i_deduct_my_charitable_contributions.aspx
 Facebook: http://www.clarksvilleonline.com/2012/12/23/irs-offers-tips-for-year-end-giving-2/?share=facebook
 Twitter: http://www.clarksvilleonline.com/2012/12/23/irs-offers-tips-for-year-end-giving-2/?share=twitter
 Google: http://www.clarksvilleonline.com/2012/12/23/irs-offers-tips-for-year-end-giving-2/?share=google-plus-1
 Pinterest: http://www.clarksvilleonline.com/2012/12/23/irs-offers-tips-for-year-end-giving-2/?share=pinterest
© 2015 Clarksville Online