Over the past few years, Americans have collectively donated more than $350 billion to charity with much of those donations coming from individuals. While charitable giving offers a chance to make a difference, there are also tax benefits associated with this philanthropic activity; however, the IRS may require substantiation for the charitable contributions depending Read the full article…
Charitable Contribution Substantiation
Charitable Contributions and Required Documentation
Substantiation may be required when making charitable contributions and the requirements depend on the nature of the donation. If the contribution is $250 or more, you will need a written receipt from the charity. If you donate property valued at more than $500, additional requirements apply. Here are the details: General rules. For a contribution Read the full article…