With the year-end quickly approaching, it’s a good time to start planning your charitable donations. Donating not only allows you the opportunity to help others in need, it can also provide you with tax benefits.
The following are guidelines to help you maximize your tax benefits:
Donations of $250 or less require either a bank record, written receipt, or letter from the qualified organization.
Donations of $250 or more require a bank record or written receipt, AND an acknowledgement from the organization stating the amount of cash contributed, if any benefits were received, and a description of these benefits.