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As 2020 comes to a close, there’s still time for people to make charitable donations.
Certified Public Accountant Tom Kennedy with Henkel and Associates reminds you of a few items to keep record of when making donations to claim on your income taxes.
“You need to get documentation from that (non-profit) organization, unless it’s a lower amount, than a check works, (and) cash never works anymore. You need to get a receipt from the charitable organization that’s telling you how much you gave. If you get something in return, then it’s not a charitable contribution. There’s sometimes can be goals, (such as) you get something, plus there’s a charitable contribution to it. So you just really have to have the documentation so you can out it on the return.”
Kennedy reminds everyone that the federal income taxes for 2020 are due April 15th and state is due by April 30, 2021.