The IRS just published its year-end charity donation tips. Tops on the list (with our added notes):
- Be sure you are dealing with a qualified charity. Note: All organizations in the SGO Charity QuickCheck database are qualified.
- Know what amount you can deduct (cash at face value, fair market value for personal articles, etc.). Note: IRS Publication 526 spells out the details.
- Keep good records. Note: The deduction will fail if you can’t show a record if and when the IRS checks. Keep your cancelled checks, receipts from charities, etc. And use the free SGO giving inventory form.
By the way, whether you want to deduct your donations or not, keeping an inventory of what you give is a key part of strategic and serious giving.
What do you think? Had other experiences?
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