Posts Tagged ‘tax deductions’

The tax rules are clear: In order for charitable gifts of $250 and above to qualify for a deduction, there must be a letter detailing the amount of the donation and affirming that no goods or services were provided in connection with this gift…

 Giving to charity can be a very noble thing and to many of us it comes quite naturally, unfortunately it’s also rather easy to give incorrectly, at least as far as taxes are concerned. To prevent a simple but all too common mistake, the Wall Street Journal offers a mantra: “Get the letter. Get the letter. Get the letter.” If you are making a donation of more than $250, the charity must properly acknowledge your donation before the IRS will, and that means a letter. Indeed, the IRS is surprisingly literal about this and refuses to bend or accept other…

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