Chapter 14 Charitable Contribution Deductions

By making deductible donations, you help your favorite philanthropy and at the same time receive a tax benefit. For example, if you are in the 25% tax bracket, a donation of $1,000 reduces your taxes by $250.

For cash donations of any amount, your deduction will be disallowed if you do not have a canceled check or account statement, or a written receipt from the charity, to substantiate your contribution.

For donations of $250 or more, you must receive a written acknowledgement from the organization that indicates whether you received goods or services in return for your donation. You need the acknowledgment as well as a canceled check for a ...

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