Tax Tip of the Week
"Check Them Out" Before You Write a Check
Qualified Charitable Database
Have you ever wondered if the group that you donated money to is a qualified charitable organization that makes your donation tax deductible?
The IRS recently made a database available to check them out. Here, you can search the listings by entering the organization’s name, employer identification number, or state. The IRS will update the data on qualifying groups every month.
While you can safely assume a donation to the Salvation Army or the American Red Cross (for examples) are qualified charities, you may sometimes want to donate to other noble causes as well. Now you can make sure your donation qualifies for a tax deduction.
Also, don’t forget to receive written substantiation of your donation from any group that you give $250 or more. You should also save cancelled checks for any donations less than $250.
As always, give us a call if you have any questions.
You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504. Or visit our website.
Rick Prewitt - the guy behind TTW
Tax Tip of the Week Video Series:
...until next week.