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  • How to calculate itemized deduction for a cash contribution?

    Assuming the cash contribution is to a qualified charity, the taxpayer can deduct up to 60% of their AGI. For example, if the taxpayer had adjusted gross income of $100,000 and made charitable donations in the form of cash of $70,000 during the year, and then the deduction would be limited to $60,000 ($100,000 x […]

  • Are contributions to a political organization tax deductible?

    No, a donation (in any form) that is to a political organization is not tax deductible by the taxpayer. Only donations/contributions to charitable organizations are tax deductible.

  • Do I need to get written confirmation from a charity for a donation?

    Yes, but only if the donation has a fair market value greater than $250. If the donation is less than $250, then you do not need to obtain a written confirmation/notice from the charity.