Charitable contributions at year end – simple tips to remember

Here are a few simple tips to remember when making your year-end charitable contributions. For IRA owners age 70 1/2 or over, you can transfer up to $100,000 per year tax-free to an eligible charity, regardless of whether they itemize their deductions. To deduct monetary donations of any amount, you must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Contributions are deductible in the year made, so donations charged to a credit card before the end of the year count for 2008, as do checks as long as they are mailed this year. For all donations of property, including clothing and household items, you should get a receipt, if possible, that includes the name of the charity, date of the contribution, and a reasonably-detailed description of the donated property.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.