If you prefer to itemize your deductions on your tax return, it’s important to retain materials to support all of the claims you’re making. In the case of charitable contributions, you should hold onto either the letter the charity sends you acknowledging your donation, or whatever paperwork on your end verifies that you gave funds or goods. Then, if the tax authorities have any questions about the validity of your donations, you’ll be able to supply the appropriate evidence with ease.
It’s also vital to be aware of what organizations the IRS deems qualified charities. These include:
- Churches, synagogues, mosques, and other religious organizations
- Nonprofit schools and hospitals
- Organizations operated for charitable purposes, such as the Red Cross, Goodwill, and United Way
- War veterans’ organizations
- Organizations that foster amateur sports competitions
Want to learn more about how to ensure that your donations count as deductions on your tax return? Get in touch with Taxation Solutions, Inc. today. We’re the Memphis area’s best choice for all sorts of tax help, including sorting out issues related to tax filing and paperwork. We offer fast and effective answers to the toughest tax problems. Contact us now to book your appointment!