Deducting Your Donations
If you make a qualified charitable donation, you will not only help your favorite charity, but also receive a tax benefit. Here we look at what constitutes a deductible donation, what deduction ceilings you need to look out for and what records you need to keep when giving to charities.
Common Types of Donations
Cash - This is the most common type of donation and, not surprisingly, the easiest to value. A contribution by check is deductible in the year you give the check, even if it is cashed the following year. However, you can't deduct a cash contribution unless you keep a bank record (such as a canceled check or bank statement) of the contribution that includes the name of the charity, date of contribution and amount.
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