Friday, April 8, 2016
A good cause
I was talking recently with a young man who was doing his taxes. He mused, "Hmm, how much did I give in charitable donations this year? Over $500? Well, I did make contributions to a home for wayward girls, most of whom are uneducated and come from broken families….I even took the trouble to visit the, uh, shelter which houses them, if you will, and gave some of the money to the girls directly."
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7 comments:
Smart young man he is, I think I will start making my charitable donations in this way too...
-Taylor
Taylor --
Glad to hear you have such a generous heart.
The IRS has a check list of eligible organizations to which you can make tax-deductible charitable contributions. For instance, the Clinton Family Foundation of Chappaqua, NY, is qualified to take your donation. So is the Council on American-Islamic Relations. As far as I know, you can't legally deduct money handed directly to an indigent person.
Mark --
Ha, I think the "contributions" this young man made were a far better cause than the Clinton Foundation.
I vaguely remember an accountant telling me 25 yeas ago that you can claim cash donations you made in church, which you'd have no way of proving. maybe the law has changed since then, I don't know.
The Nolo legal website says if you want your deduction to stand up to an IRS audit, you'll need a dated receipt from the Wiccan Family Temple of NYC or whichever IRS-sanctioned church you give cash donations to. Your sacred word sworn on the holy Qu'ran isn't good enough for IRS bean counters.
If you give by check or credit card, your bank's monthly financial statements would suffice. For donations over $250, the requirements are even more stringent. Perhaps it goes without saying, but only those who itemize their deductions can avail themselves of the charitable deduction.
Mark --
Thank you for that. You're much better informed than I am.
When I give to charity, I don't keep track of my donations. During the time that I had my taxes done, I was told to keep track of charitable contributions. I never have and I never will. To me, my donations are considered a bit of a tithe.
-birdie
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