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Top Five Tax Tips: Charitable Giving

Did your business gift to charity this year? Since tax season is upon us we thought we would provide a few tips for claiming and itemizing your charitable donations.

Before itemizing a charity on your taxes make sure they are a qualified charity. Click the link to search a list of qualified organizations.

Monetary donations can include gifts made by cash, check, electronic funds transfers, credit card or payroll deduction. Be sure to include a written statement or bank record from the charity as it is required for any form of donation.

A household donation can include furniture, electronics, appliances or clothing. These must be in good condition but you can claim a deduction over $500 for an item as long as it has a qualified appraisal included with your tax return.

When claiming a charitable donation make sure to have the proper records that are required such as an acknowledgement from any charity where $250 or more was donated to.

Don’t forget about double checking any special rules that may apply to donations such as cars, boats or airplanes.

As always check with IRS compliance and rules sites or consult with a professional if you still have questions!

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