Let's talk about the deduction for charitable contributions. The Internal Revenue Code requires that for you to be able to deduct charitable contributions, several rules must be met. The primary rule is that the charity must be an approved IRS charity. To be an approved IRS charity, it must be based in the US and formally approved by the IRS. For example, if you give money to an individual or directly to an individual in need, it is not considered a tax-deductible charitable contribution. It must be an approved United States charity by the Internal Revenue Service, sometimes called a 501 C 3 Corp entity or a 501 C 4. In order for you to be able to deduct it, the charity must be an approved institutional charity and it must be in the United States. Your deduction is generally limited to half of your income in a year. However, if you have a whole lot of deductions that you give away in one year and make so little money that the deductions are more than half, you can carry them forward. Here are some other rules: what you give to a charity may be cash, goods, products, clothing, etc. If the dollar amount of what you are claiming as a deduction is less than $250, you have to have a receipt for what you have given them. The receipt could be a canceled check, an order letter from the charity, or an actual receipt. If the dollar amount is $250 or more, up to $5,000, you need more than a receipt. You need a receipt plus a letter from the charity that shows the date and specific dollar amount of those contributions. That letter also has to state that no goods or services were received by you in return for the...
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