Tag: Charitable Deductions

Recordkeeping Requirements for Charitable Contributions

We’ve explored the basics of charitable contributions and which organizations qualify for tax-deduction purposes.  Today, I’ll explore the recordkeeping requirements for documenting your charitable contributions. Documentation for contributions by cash, check or credit card is straightforward enough.  Maintain receipts or other records that show the amount donated and when. If you donate more than $250 […]

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What is a Qualified Organization for Charitable Deductions?

In a post last week, I explored the basics of charitable contributions, and I mentioned that not all “not-for-profit” organizations are qualified organizations for purposes of getting a tax deduction for a donation.  In general, 501(c)(3) organizations qualify, as do churches. Officially, the Internal Revenue Code, at Section 170(c), defines a charitable organization as: A […]

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