{"id":420,"date":"2017-02-25T12:45:20","date_gmt":"2017-02-25T17:45:20","guid":{"rendered":"https:\/\/runningahousehold.com\/?p=420"},"modified":"2018-06-04T11:45:51","modified_gmt":"2018-06-04T15:45:51","slug":"keep-track-charitable-contributions","status":"publish","type":"post","link":"https:\/\/runningahousehold.com\/?p=420","title":{"rendered":"How to Keep Track of Your Charitable Contributions"},"content":{"rendered":"

Do you make donations to charity during the year?\u00a0 If so, it might be beneficial to claim these donations as a tax deduction.\u00a0 Whether you write a check or donate your used personal items, you\u2019ll want a system to keep track of your donations.<\/p>\n

Please note:\u00a0 This information is not intended to serve as tax advice.\u00a0 It is just one\u00a0method to track your donations.\u00a0 Please see your tax advisor or CPA for tax guidance.<\/em><\/span><\/p>\n

Cash or Check Donations<\/b><\/p>\n

Taking a deduction requires some record-keeping.\u00a0 Don\u2019t shy away because it takes work.\u00a0 Just be sure to follow the rules for documentation.<\/p>\n

Proof<\/b>: According to the IRS Pub 526, you must keep one of the following:<\/p>\n

1.\u00a0 Bank Record\u00a0 showing the name of the organization, date and amount of contribution.\u00a0 A bank record can be:<\/p>\n

a.\u00a0 A Canceled Check<\/p>\n

b. Bank Statement or<\/p>\n

c. Credit card<\/p>\n

2.\u00a0 Receipt or letter from the organization<\/p>\n

3.\u00a0 Payroll deduction records<\/p>\n

Receipt<\/b>: In addition, if your donation is more than $250, obtain a receipt from the organization.<\/p>\n

It\u2019s helpful if you track your donations throughout the year, instead of trying to compile all of the information at tax time.\u00a0 You can use the Donation Tracker below to organize your cash or check donations:<\/p>\n

\"Donation<\/p>\n

Donation Tracker – Cash and Checks<\/a><\/p>\n

Non-Cash Donations<\/b><\/p>\n

Did you do some spring cleaning recently?\u00a0 If you donated these items to a qualified charitable organization, you could be entitled to a deduction.\u00a0 Once again, record-keeping is essential, but not impossible.\u00a0 Not sure how to keep track of your donation? You\u2019re not alone.\u00a0 There are a lot of rules and procedures.\u00a0 For our purposes, we will focus on tracking clothing and household donations.\u00a0 You know the ones: clothes your kids outgrew, the jeans that don\u2019t fit you anymore, your husband\u2019s size medium shirts.\u00a0 These items decreased in value since you bought them.\u00a0 We are also assuming\u00a0each item is worth less than $250.<\/p>\n

Here are some of the guidelines (from the IRS Pub 526) for non-cash donations:<\/b><\/p>\n