Reminder about charitable contribution documentation

This is a reminder that individuals and businesses making year-end charitable contributions of several important tax law provisions and the substantiation requirements to deduct the contributions. Some of the reminders to consider include (1) obtaining a written acknowledgement from the charity for gifts worth $250 or more, (2) having a bank record or written statement from the charity, regardless of the amount, (3) ensuring that the charity is eligible, (4) mailing checks before year-end to deduct them in 2014 (credit card donations charged in 2014 but paid in 2015 are deductible in 2014, though), (5) for most donations of cars, boats, and airplanes valued at more than $500, limiting the deduction to the grossproceeds from their sale, and (6) filing Form 8283 with the tax return for all noncash ontributions over $500.

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.