Tips On Charity Contributions From Our Virtual CFO
Posted by Jody Grunden on Wed, Jan 25, 2012 @ 05:00 AM
Do you contribute to charity?
Did you know that if you donate to charity that it could all be deductible? Of course, you have to have a receipt if you want a tax deduction this year. If you donate to a charity, you must have receipts to prove your donation. Contributions in any form are not deductible-at all-unless substantiated by one of the following:
A bank record:
A bank record should include the name of the qualified organization, the date of the contribution, and the amount of the contribution. Bank records may include: a canceled 
check, a bank or a credit card statement.
A receipt:
You will need a receipt or a hand written letter from the qualified organization showing the name of the organization, the date of the contribution, and the amount of the contribution.
Payroll deduction records:
The payroll records must include a pay stub, W-2 Form or other document furnished by the employer that shows the date and the amount of the contribution, and a pledge card or other document prepared by or for the qualified organization that shows the name of the organization.
Did you know that you can also deduct your mileage to and from charity work? If you deduct mileage for your charitable efforts, keep detailed records of how you figured your deduction.
For more tips on your charitable deductions and all your other financial needs contact us at (260)497-9761 and speak to one of our financial advisors.
