Fenner, Melstrom & Dooling PLC
Accountants who think like business owners.
We are your strategists, advisors and confidants.
We treat your business like our own: spending time at your facilities, participating in your planning and assigning senior professionals to guide you.
Our ultimate goal is to help you make more money. Working with us, you will learn to increase earnings and keep more for yourself.
Are All of Your Charitable Donations Tax Deductible?
With the holiday season upon us, many are in a charitable mood. In addition to the good feeling a philanthropic nature can provide, taxpayers can lighten their tax burden when it comes time to file their tax return after the New Year. It is important to know some rules when it comes to making donations to ensure you are receiving the full tax benefit allowed by the IRS.
Contributions must be made before the close of the tax year to a qualified organization in order to be deductible. Contributions made by credit card before year-end will be treated as paid in the year the charge was made. If you are unsure if an organization is qualified, please check our website for a link to verify eligible organizations.
No matter what the amount is, to deduct a contribution of cash, check, or other monetary gift, you must maintain a bank record, payroll deduction record, or a written communication from the organization.