Why substantiating your charitable gifts is so important

Description

Abstract: The United States tax code recognizes the need for qualified organizations to reach out to taxpayers to help fund their nonprofit activities. And in return, these patrons receive the right to deduct such charitable gifts on their tax returns. But, the tax code also has very strict rules regarding charitable deductions. This article discusses how, by adhering to IRS guidelines and tax law requirements, a taxpayer can help ensure they don’t lose any deductions.