Determining what types of records should be kept for tax purposes can be confusing. Here is what the IRS says: In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax […]
We’ve been covering charitable contributions recently, and this Tax Court case from 2010 fits in nicely with that series of articles. The Tax Court case involved a couple from California who had more than $27,000 of charitable contributions disallowed by the IRS on their 2006 tax return. The Court ruled against the couple, costing them […]
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 […]