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.


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