Contribution Advice & Tips for Income Tax Deductions

Part of the Video Series Advice for Your Income Tax Deductions

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Learn from our expert what you need to claim contributions from organizations in this free educational video on about understanding your income tax deductions.

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Contribution Advice & Tips for Income Tax Deductions
Hi we're going to talk a little bit more about contributions the internal revenue services tightened up quit a bit in this area so give a little lesson this can save you trouble down the road. All contributions now require receipts in the form of bank records or written documentation from the Donnie that is the organization to whom you gave the money. Further more if the donations are from more that $250.00 you must have a record from the organization this can be in the form of blanket format that is sent to the government by the organization. When has come to clothing and that type of thing anything over $500.00 will require an appraisal in fact that bring to mind the thing about automobiles, that has been abused quit a bit you can no longer give old clunker away and ride it off your taxes that full market value where it run it. The organization receiving the car can only allow you to deduct what they sell it for and in more cases where finding in practice it usually under the $500.00, thank you.

About the Expert

Expert: Tom Choisnet He has been in self-employed tax practice for over 40 years and he has been an enrolled agent since 1968. He has prepared over 35000 tax returns. Read More