Charitable donations are not only good for your community, they are good for your tax return as well. Remember that all charitable contributions are deductible dollar for dollar on your schedule A itemized deductions whether the contribution is a clothing donation to the salvation army or an old car donation to Cars for Kids or membership dues paid to your local church or synagogue. Please understand that there are several ways to report these items and certain documents and checks that need to be attached as a requirement of filing.
Stuart Steinberg, CPA, MBA has owned a strategic tax planning practice on the North Shore for 23 years. Please feel free to contact him anytime and let Erock Tax take care of you!