Talking Taxes - Charitable Deduction Checklist

Rich Goldberg, CPA, shares some insights into the restrictions and limitations on charitable deductions in light of the upcoming tax season. Goldberg notes you now need receipts and canceled checks to deduct a contribution. You can no longer deduct just cash. In fact, for contributions over $250 you need a receipt from the organization. A canceled check will only do for contributions under $250.00.

Rich also details the requirements of property donations such as clothing, furniture and electronics. You will need a receipt from the charity, a valuation based on the typical worth at resale (which is not the cost basis). Tables are available through his office for those seeking more information.

Rich Goldberg has 39 years of experience specializing in business and individual income tax. Goldberg is a partner in the firm of Wippman, Guzman and Goldberg in Glenview, Il. Visit their Web site at http://www.wggltd.com

Rich is a member of the Buffalo Grove Area Chamber of Commerce / Networkers group on LinkedIn. LinkedIn is the world's largest social network dedication for business. The Networkers group is open for all business people, students and job seekers interested in networking electronically on the Web. Find us by searching LinkedIn groups for the Buffalo Grove Area Chamber of Commerce / Networkers. Or http://www.linkedin.com/groups?about=&gid=1108167