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Tax Season Tips From Taxation Attorneys

Monday, April 27, 2015
We are the Strategic Tax Lawyers and we are reliable taxation attorneys who want to provide you with tips for tax season.  One of the most important tips we like to remind taxpayers is to keep good records for claiming any charitable donations.  This is an important factor that the IRS looks for.  So if you are planning to claim a gift to charity you should have all your records in place when you file your 2014 tax returns before April 15th.

In general, we recommend keeping good documentation for all your tax records, but this is a major legal factor for your charitable gift deduction.  In order to claim a deduction for a charitable gift, a taxpayer needs to provide a written note from the charity for any gift worth more than $250, which includes cash or any other asset.  If you donate property, then the charity needs to provide a description of what you contributed.  By law, you need to have all your documentation from the charity before you file your tax return. You don’t have to submit the documentation, but you should keep this with all your other tax records.  Also, if you are going to donate a vehicle, you will need to attach required records to your tax return.  There are different rules for donating clothing or household items such as electronics, furniture, or appliances.  The donations need to be in at least good used condition in order to receive a tax-deductible receipt. If you donate money, which includes cash, check or credit card, you need to have a written statement from the organization or bank documentation to claim a charitable deduction.  The IRS will need to know the charity’s name as well as he donation date and the total amount you contributed.  The IRS will accept canceled checks or bank or credit card statements stating the transaction.

It is also important to make sure that the charity you donate to is a qualified tax-deductible organizations.  The IRS has a list of eligible organizations.  If you choose to donate to a religious institution or government agency, they are most likely an eligible organization.

You need to itemize your deductions on your tax return in order to claim a charitable gift.  A standard deduction will not allow you to deduct your donations.

The Strategic Tax Lawyers, LLP are reliable taxation attorneys with years of experience in tax-related and IRS issues.  Call the Strategic Tax Lawyers at (800) 669-4775 for a free consultation to assist you with your tax-related matters.