December 10, 2014

Picking up from where we left off in 6 IRS Tax Tips for Year-End Charity Donations (Pt. 1), below are some more essential IRS tax tips regarding donations for 2104.

More Essential IRS Tax Tips for Your 2014 Donations

Tip 3 – Get receipts to document all of your deductible donations.

Getting receipts for your donations and itemizing your charitable deductions are two key IRS tax tips to keep in mind as 2014 winds down.

Getting receipts for your donations and itemizing your charitable deductions are two key IRS tax tips to keep in mind as 2014 winds down.

Whether you will be donating cash or items (like furniture, clothing, etc.), make sure that you get a receipt or appropriate documentation for all of the items you plan on using as deductions on your 2014 taxes. For these receipts to be considered “official” in the eyes of the IRS, they must contain:

  • The name of the charity accepting your donation
  • The date on which you made the donation
  • A reasonably detailed description of the items you have donated.

If, however, you end up making a donation at a drop site, then do yourself a favor and take some notes regarding your donation (including the estimated fair market value of your donation and how you came to this determination regarding the fair market value).

If your donation will be (or was) valued at more than $250, then some special rules will apply to your situation, and you may want to check with the IRS about additional documentation you need in order to legitimately deduct this donation on your 2014 taxes.

Tip 4 – Itemize your deductions when it comes time to file taxes for 2014.

When it comes time to file your taxes for 2014, as you note the deductions for your year-end charitable donations, be sure to properly itemize these deductions on the appropriate IRS tax forms. Depending on the nature of your donation(s), as well as your filing status (and other details of your situation), you may end up itemizing these deductions:

  • As part of your standard deductions; or
  • On a Form 1040 Schedule A.

Be sure to check out the upcoming conclusion to this blog series for some final important IRS tax tips to keep in mind if you will be making year-end donations in 2014.

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Categories: Blog, IRS, Tax Tips