Explained

In order to be considered tax-deductible your donation must meet a few restrictions: 1. You actually have to donate the cash or property; a pledge or promise to pay does not count as a deduction until it is actually paid. 2. You must itemize your return in order to claim the deduction. Taxpayers taking the standard deduction cannot deduct charitable contributions. 3. You have to meet the IRS’ record keeping requirements, and will need to keep all receipts, canceled checks, acknowledgement letters, and appraisals for donated property. Cash Donations All monetary contributions made either by check, money order, credit card, or electronic funds transfer, etc. to qualified nonprofit groups can be deducted on your tax return. Just be sure that you have adequate records for all contributions. ]]> Non-Cash Donations Read the Rest…

In order to be considered tax-deductible your donation must meet a few restrictions: 1. You actually have to donate the cash or property; a pledge or promise to pay does not count as a deduction until it is actually paid. 2. You must itemize your return in order to claim the deduction. Taxpayers taking the standard deduction cannot deduct charitable contributions. 3. You have to meet the IRS’ record keeping requirements, and will need to keep all receipts, canceled checks, acknowledgement letters, and appraisals for donated property. Cash Donations All monetary contributions made either by check, money order, credit card, or electronic funds transfer, etc. to qualified nonprofit groups can be deducted on your tax return. Just be sure that you have adequate records for all contributions. ]]> Non-Cash Donations Read the Rest…