About Charitable Donations Tax Deductions

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If you wish to make deductions from your taxable income for donations made to charity, you need to ensure you have some things in place. Otherwise, you can expect a notice from the IRS about an audit as charitable donations is one of the main items the IRS takes a second look at. The good thing is that if you receive a notice for audit, it would you probably no entail a face-to-face audit with your IRS auditor. Rather, you’re apt to get a letter from the IRS asking you to substantiate your deductions.

If you are given a notice of an audit or to preclude getting one in the first place, the thing you need to do is substantiate your charitable donations with the required paperwork. If you donate an amount of $250 or more, you need a letter from the charity to confrm your contribution. The letter must state the name of the charitable organization, the amount of donation in cash or kind and whether you received anything in return upon making your donation.

Please see full article below for more information.

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The Law Offices of Darrin Mish, P.A. on:

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