IRS Releases “Tax Tip” on Charitable Gifts

The IRS has released a “Tax Tip” to remind taxpayers of the rules to be mindful of when making charitable gifts this holiday season. As many of us consider those less fortunate during the holiday season, many will choose to make contributions to charities. The end of the year is also a popular time for charitable giving because gifts made before the end of the year can be deductible on 2015 income tax returns. However, keep in mind that Schedule A deductions (itemized deductions) can increase your risk of IRS audit. So while you act out of a spirit of generosity, make sure you protect yourself by complying with the rules for substantiating your charitable gift deduction.

 

 

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