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Tax Tips |
• IBOAI Speaking Guidelines |
More Tax Tips for IBOs
By
Joe DePetris, Jr., CPA
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PDF Version |
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make sure your tax deductions are good:
• Do a background check at IRS.gov or CharityNavigator.org to be sure the organization you are donating to has 501C3 tax-exempt status. • Be sure to keep a record of each item you give with an estimate of its Fair Market Value. Fair Market Value is normally what you would pay for the item at a thrift store.
IRS is clamping down on overvalued non-cash contributions. Publication 561 at IRS.gov can help you with these values.
• Always get a receipt from the charity you gave to. This receipt should include the name of the charity, date of the donation, and a list of items given. • If you donate something worth $5,000 or more, you must get an appraisal before you can claim it. • If you make non-cash donations totaling more than $500, you must complete IRS form 8283 and attach it to your tax return. This form can also be found at IRS.gov.
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