Charitable Donations to Reduce Tax Liability


Everybody knows that giving to certain charities can be tax-deductible. The amount of deductions you can make depends on your tax bracket and other factors. What’s more, you have the opportunity to contribute to society in some way. But you need to bear in mind a few rules you need to follow.

To be eligible to make the deduction from your taxable income, you must furnish the IRS with the name of the charity, the date and amount of contribution in a written statement from the charity. Alternatively, you can provide the IRS with a bank record in the form of a credit card statement, bank or credit union statement and cancelled checks. Bank statements should show the name of the charity, the date and amount paid whereas credit card statements should show the transaction posting date.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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