Wednesday, May 13, 2009
Tax deductions
We bought a book called a deduct it book that lets you track your tax deductions for the year. It is really cool but I had no idea what you need for documentation. It recommends that you write down the value and number of each item you are donating, (there is a place in the book for that) take pictures of all of the items, bag them, take another picture, deliver them to the thrift store, (or wherever), take another picture of the goods being accepted, and get a receipt. Oh, and you will need initials of the person recieving the goods in the book. CRAZY! I also got a really nifty brochure size sheet that helps me track my milage to and from scouts and all of the running around I do for the rescue. We got SCREWED on our taxes this year and it was our fault for not keeping track of deductions. This year will be different.
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I could be wrong, but I am under the impression that if you claim more than $100 in charitable deductions, you now have to get a form from the outfit you are donating to, and have it signed by an official of the organization. The Other Mike knows a lot about taxes, he could probably amplify this. What you are talking about I think is what was called a "contiguous journal" in IRS speak, and up until last year that was enough for providing evidence of deductions for charitable contributions. I'm not the duty expert, though.
ReplyDeleteHermit, thanks. I didn't know I had to have a signed form. Luckily for me, they gave me one when I dropped my stuff off. Apparently THEY knew more about what I needed than I did.
ReplyDeleteGracie, My FIL the CPA we (and most others) are are best going with the standard deduction. I don't know much about the stuff and let him handle it.
ReplyDelete