Question from a client: One of the charities I donate to told me that I don’t need a receipt unless I donate $250 in one year…is this true…even if I get audited? Answer: Yes.
Questions often arise about how to properly document charitable contributions. Here’s a brief overview.
Recordkeeping refers to recording the transactions that take place within your business. Documentation refers to the proof of the numbers in your recordkeeping system.
How to document business expenses