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 ...
Get J.K. Lasser's Your Income Tax Professional Edition 2017 now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
