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Tax Deduction Consulting: Charitable Deductions Portales NM

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.

Max Leach (RFC®), CLU, RFP
(505) 344-2255
10308 Candelaria NE #345
Albuquerque, NM
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Liberty Tax Service
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475 Coors Blvd Nw # D
Albuquerque, NM

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H&R Block
(575) 546-1060
1021 E PINE ST
DEMING, NM

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(505) 863-2489
309 S 5TH St
Gallup, NM

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H&R Block
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ALAMOGORDO, NM

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Mrs. Natalie Voskresensky (RFC®), MBA
(505) 858-2443
2 Juniper Hill Rd NE
Albuquerque, NM
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PLAN RIGHT, LLC
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Gene Oak Accountant
(505) 332-0802
1809 Britt St NE
Albuquerque, NM

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H&R Block
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LAS CRUCES, NM

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Liberty Tax Service
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1449 Eubank Blvd NE Ste A
Albuquerque, NM

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Income Tax Express NM
(505) 288-9955
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Albuquerque, NM
 
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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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