IRS Tax Laws: February 2009 Archives

IRS Requires Documentation to take Certain Tax Deductions


Recently enacted laws require tax preparers obtain certain assurances from taxpayers in conjunction with the preparation of income tax returns.

In addition Cash Contributions must now be fully documented. This means that you must adequately provide the tax preparer with information sufficient enough to take the deduction. For all contributions of $250 or more a receipt from the charity is required that indicates no goods or services were provided in exchange for the donation. Non-cash donations must be itemized, a listing of items donated, the date donated and to whom. If the amount is over $250, you must have a receipt from the charity. Vehicle donations have additional limitations and you should contact our office for guidance if you decide to donate a vehicle.

About this Archive

This page is a archive of entries in the IRS Tax Laws category from February 2009.

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