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Deducting Charitable Contributions: Eight Essentials

Posted 5:30 PM by

Donations made to qualified organizations may help reduce the amount of taxes you pay. The IRS has eight essential tips to help ensure your contributions pay off on your tax return.

In addition, the IRS has released Publication 1771 (rev. September 2011), Charitable Contributions - Substantiation and Disclosure Requirements, which explains general rules and specifications for documenting charitable deductions and explains new guidelines that allow charities to electronically mail documentation to donors.

For more information, contact your KSM advisor.

Source: Internal Revenue Service