Keeping Track of Charitable Donations

Up until this year, any donation of less than $250 did not require a receipt. Now, however, that has changed. No matter how small your charitable donation is, if you want the tax deduction, you will need a receipt (just in case you end up with an IRX tax audit). If you make a cash donation to a local charity, make sure that you ask for a reciept. Most have no problem writing one out for you. Also, if you donate furniture or clothing, you should get a receipt for the value of those items. They should be in usable condition. Most thrift stores will give you a reciept for the value of your goods for tax purposes. Keeping good records now can keep you out of hot water later, especially if you end up with a tax audit. And if you have good records, it will make filling out your tax forms that much easier. For more information on taxes, visit www.irs.gov. taxes, personal finance, financial planning, finances, financial goals, charitable donations, IRS tax audit, deduction charitable donations