Charitable Tax Tips

Get it in writing : Ask for an itemized receipt for any donation of money or goods, even if the amounts to less than the IRS $250 threshold. if your noncash donation is worth more than $500, you have to complete IRS from 8283. A noncash donation worth more than $5000 requires an appraisal.

Take a Picture: Before you donate goods, snap a photo of the pile, if you’re not sure how much that business suit or dining room set is worth, check the online valuation guides from Goodwill and the Salvation Army.

Stay Organized: Save receipts and documents in a designated folder or use an app like Evernote Scannable (free, IOS) to store receipts in a digital folder that’s easy to share with your accountant.

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