Protect Your Charitable Deductions

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The Internal Revenue Service has issued guidelines for keeping records of your gifts to charity. Their newswire issued this week details requirements for obtaining receipts, determining value of donated vehicles, and ensuring charitable organizations are eligible for a tax deduction. The IRS also reminds taxpayers that they must itemize deductions of the Form 1040 Schedule A in order to claim gifts to charity. Filing a 1040A or 1040EZ will not afford you that opportunity.

For more information, see the IRS bulletin. Videos are also available in English, Spanish, and ASL.