Are you planning on deducting your charitable donations on your 2017 tax return? If you are you will need to have your receipts and documentation as proof of your contributions.
If you gave gifts by a check or with your credit/debit card, you will need you will need written documentation that includes the organization you donated too, the amount of your contribution and the date of the donation.
Did you contribute more than $250 donation? If you did, you will need to have the charity that received you donation provide written documentation at the time you made the donation.
What happens if you receive something in return for your donation? If you received something in return for your donation you can only deduct the difference between the amount of your contribution and the value of the benefit you received in return for your contribution.
At Summit CPA we offer multiple resources to assist you with your tax planning and financial needs. Contact our office at (866) 497-9761 to schedule an appointment with our advisors.