I had my before-the-end-of-the-year tax consultation with my accountant the other day. One of the issues he wanted to be sure I knew about was that after Aug. 6, 2006, all charitable contributions must be documented to be deducted on your federal tax return.

This means that you won’t be able to deduct the cash you drop into the collection plate, the Salvation Army kettle, a firefighter’s boot, or any other place you might make an impulse contribution after Aug. 6.

Acceptable documentation includes a receipt from the charity, a canceled check, or a credit card statement showing the contribution.

Jackie
Chief Blogger
Wealth Intelligence Academy