Monday, August 24, 2009

Do you donate to charitable organizations? Here are some tax tips regarding chartibale contributions-

1. In order to receive charitable contribution deduction, you must itemize your deductions using Schedule A.
2. Make sure the organization is a bonafide qualified organization.
3. Keep good records, receipts and documentations.
4. Contributions of $250 or more must have a written acknowldgement from the organization.
5. If you contributed a non-cash item with a fair value of $500 or more, you must complete Form 8283 and attach with your return.

source: http://www.irs.gov/newsroom/article/0,,id=172936,00.html

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