That may not sound like a big deal, but it is.
For instance, if you pay $30 for a special film screening designed to benefit your favorite charity, you cannot deduct the entire cost of the screening on your taxes. If you can see the movie somewhere else for $17, then you’ve made a contribution off $13, not $30. If the ‘regular price’ is not indicated on the ticket or anywhere else, you must reduce your donation by the normal price for similar events or activities in your area or face the wrath of the IRS.
Thinking of donating your vehicle to a non-profit charitable organization? Be sure to find out what you can deduct before you do so. First, you need to find out the fair-market value of the vehicle, which, in most cases, is the maximum amount that you will be able to claim on your taxes.
Next, you will need a receipt from your original purchase of the vehicle. And you will also need a receipt from the charity to which you donated the vehicle. The IRS requires a written receipt from the charity detailing the exact amount that the car earned. If you are going to donate your car, truck, van or other vehicle, don’t make the mistake of doing so before speaking to your accountant or other tax professional.
Donations of junk, such as broken electronics or used socks, cost charities millions of dollars each year to discard. Furthermore, the IRS does not allow taxpayers to take a deduction for such non-cash gifts. There are rules governing the condition of clothing and other items such as these.
So the easiest way, as well as the most pleasurable, is to bid on a date with a wonderful, caring person who shares your interest in helping charity on CharityDateAuction.org.
Starting in 2007, the IRS has required written documentation to substantiate deductions for all monetary donations – including cash. In case of an audit, you must have a canceled check, credit card statement or a written acknowledgement from the charity (showing the charity’s name, the date of the donation and the amount given). You will no longer be able to deduct those few dollars you dropped in a charity’s collection bucket without a receipt from the charity to back up your claim. Charity Date Auction will send you a receipt for every charitable contribution that you make through our site. No more need to ask Santa to put down his bell and write you a receipt!