Many taxpayers make charitable contributions to various qualified charities and expect to receive a tax deduction for it. This is a common practice; however, it is important to remember that failure to have the proper documentation or make the appropriate disclosures related to these contributions can cause a taxpayer to lose those valuable deductions.
In Tax-Tip 2012-57, the Internal Revenue Service shares eight essential tips to ensure that taxpayers receive deductions for their charitable contributions.
The requirements for taking a tax deduction for charitable contributions are very specific. If you have any questions, please contact Gray, Gray & Gray’s tax department at (781) 407-0300.