Federal Tax, Tax

Donate to Local Charities for Tax Savings

If your summer chore list includes cleaning out the garage and closets, you might have items to donate to a local charity. That’s not only generous, it might lead to tax savings (if you itemize deductions on your tax return). You’ll need to secure proper documentation from the qualified charities you donate to. Noncash donations of less than $250 must be supported by a receipt, showing your name, address, date of donation and detailed descriptions of the items. For donations valued at $250 to $500 you must also obtain a “contemporaneous written acknowledgement” from the charity. Click here for more details, including documentation needed for higher value donations: https://bit.ly/3yvZKD4 . Contact the Cg Team with questions. © 2024