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Tax Deduction Consulting: Charitable Deductions Billings MT

You will get more than just a fuzzy feeling when you donate to a charity this year. Not only will you be helping the greater good, but also yourself. Keeping receipts from charitable donations you have made can count as a vital tax deduction. For every donation you make, whether it be to Goodwill or your local church, you must keep a receipt. When you submit your deductions while filing taxes, you must itemize your list.

John Shellenberger
P.O Box 4758
Bozeman, MT
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Company: Estate Conservation Associates
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Franklin & Marshall College A.B.
Stanford University M.A.
Years Experience
Years Experience: 34
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Supplemental Medicare Insurance,College Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Long-term Care Insurance,1031 Exchanges,Wealth Engineering,Stock Market Alternative,Wealth Management,Life Insurance,Inves

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Campbell and Associates,CPAs
(406) 728-9288
2505 S Russell
Missoula, MT
 
H & R Block
(406) 248-7147
38 Grand Ave
Billings, MT
 
H & R Block
(406) 656-0112
3202 Henesta Dr
Billings, MT
 
Eide 'bailly Llp
(406) 896-2400
401 N 31st St
Billings, MT
 
H&R Block
(406) 727-3577
7353 Goddard Dr Bldg 1150
Malmstrom Afb, MT

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H&R Block Inside Russell Square Shopping Center
(406) 251-6020
1132 SW Higgins Ave Ste 210
Missoula, MT

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While Justice Lives
(406) 252-5543
1127 Alderson Ave
Billings, MT
 
H & R Block
(406) 652-7020
71 25th St W Ste 5
Billings, MT
 
H & R Block
(406) 652-4280
3039 Grand Ave
Billings, MT
 
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Tax Deduction Consulting: Charitable Deductions

Charitable Deduction Receipts

The lovely IRS has changed the rules again on deducting charitable giving. Yep, you now have to have charitable deduction receipts and follow new rules.

You will get more than just a fuzzy feeling when you donate to a charity this year. Not only will you be helping the greater good, but also yourself. Keeping receipts from charitable donations you have made can count as a vital tax deduction. For every donation you make, whether it be to Goodwill or your local church, you must keep a receipt. When you submit your deductions while filing taxes, you must itemize your list. You must list every donation, along with exactly what was donated is to be included. Unfortunately, simply stating that you donated forty dollars worth of clothing to Goodwill will not suffice. You must state that you donated two sweaters and two pairs of jeans.

For your charitable contributions to be eligible for deduction, you must donate to a ‘qualified organization.' Qualified organizations typically include nonprofit organizations such as churches, Salvation Army and even a high school raffle. Each of these organizations will provide you with a receipt and the value of your donation. Keeping receipts of charitable donations is especially imperative if your donation is valued over $250. If under $250, often a cancelled check will suffice. If you donate material, such as clothing or any other no monetary goods, tax deductions will always require receipt from the receiving organization. This receipt will also state what, if anything, you received in return. For example, if you donate $250 to a charity dinner, with a dinner value of $20, then your donation was $230.

In addition to cash and small material possessions, property may be donated. If this is the case, you must receive a detailed statement from the receiving organization. This will act as your receipt. If your donation is valued at over five thousand dollars, you must obtain appraisal approval from...

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