IRS Reminders on Last-Minute Charitable Contributions

Check out IRS News Release 2014-110 for recent IRS words of wisdom regarding those charitable contributions which you may plan to make between now and year end, counting on a nice tax deduction.  Among other things:

  • Keep a “bank record” (related to your monetary donations) showing the name of the charity and the date and amount of the contribution. Bank records include cancelled checks, bank and credit card statements.
  • Get an acknowledgement letter from each charity for each deductible donation (either money or property) of $250 or more.

Also, it goes without saying that the recipient of your largesse must be a “qualified” charity, and not just anybody whom you want to help out.  Check out the IRS website (www.irs.gov) for a list of such qualified organizations, aside from churches, synagogues, temples, mosques and government agencies.