FAQs About Deducting Holiday Donations
The holidays are right around the corner and there are several businesses out there who make charitable donations every year. It's important to know how to properly deduct these donations. You also need to know if your business can deduct these donations in the first place. Wilson Toellner CPA is here to answer a few frequently asked questions regarding deducting holiday donations. If you need assistance with, call one of our accounting firms in Central Missouri to help you. We are experienced and pride ourselves on offering great, honest customer service.
Q: Can you deduct any charitable donation?
A: Not necessarily, according to the IRS, a taxpayer must donate to a qualified charity in order to deduct their contributions.
Q: What must you do if you donate over $250?
A: According to the IRS:
If a taxpayer donates $250 or more in cash or goods, they must have a written receipt from the charity. The statement must show:
Q: Can you deduct donations that aren't just cash?
A: According to the IRS:
For donations of property instead of cash, a taxpayer can only deduct the fair market value of the donated item. Fair market value is generally the price they would get if they sold the item on the open market. If they donate used clothing and household items, those items generally must be in good condition. Special rules apply to certain types of property donations, such as cars and boats.
Source: https://www.irs.gov/newsroom/five-facts-about-charitable-contributions
At Wilson Toellner, CPA we recognize that we benefit both professionally and personally from our local communities. As a result, our partners and staff are eager to give back to our communities with the same care and service that we provide to our clients. Currently, WT and staff support the following organizations:
CASA
CACTUS
BIG BROTHER'S/BIG SISTER'S
OPEN DOOR
SALVATION ARMY
ROTARY CLUB OF SEDALIA
RELAY FOR LIFE
SEDALIA LEADERSHIP CLUB
WOMENS SERVICE LEAGUE
SAMARITAN CENTER
SEDALIA ANIMAL SHELTER
SEDALIA ATHLETIC BOOSTER CLUB
STATE FAIR COMMUNITY COLLEGE FOUNDATION
LAKE OZARK DAYBREAK ROTARY
MILLER COUNTY RELAY FOR LIFE
ROTARY CLUB OF WARRENSBURG
IBERIA COMMUNITY BETTERMENT ASSOCIATION
LIGHTHOUSE SHELTER
FAMILIES ASSISTED IN TRANSITIONAL HOUSING
ELKS LODGE
BOYS & GIRLS CLUB OF WEST CENTRAL MISSOURI
KIWANIS CLUB OF MARSHALL
MID-DAY OPTIMIST OF MARSHALL
MARSHALL TOURISM COMMISSION
SALINE COUNTY RELAY FOR LIFE
MARSHALL CHAMBER OF COMMERCE
SALINE COUNTY HOLIDAY PROJECT
ANGEL TREE FOR GREAT CIRCLE (BUTTERFIELD YOUTH SERVICES)
SALINE COUNTY FAIRGROUNDS (DENIM & DIAMONDS)
SALT FORK YMCA
PETE REA/FITZGIBBON HOSPITAL GOLF TOURNAMENT
PROJECT GRADUATION
The holiday season is a magical time of year! Our accountants in Mid Missouri think donating to organizations who are supporting the less fortunate is an amazing thing. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen. Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence. For more information on how we can help you business with deducting your donations, please visit our website at www.WTCPA.com.
FAQs About Deducting Holiday Donations
Q: Can you deduct any charitable donation?
A: Not necessarily, according to the IRS, a taxpayer must donate to a qualified charity in order to deduct their contributions.
Q: What must you do if you donate over $250?
A: According to the IRS:
If a taxpayer donates $250 or more in cash or goods, they must have a written receipt from the charity. The statement must show:
- The amount of the donation.
- A description of any property given.
- Whether the taxpayer received any goods or services in exchange for their gift, and, if so, must provide a description and good faith estimate of the value of those goods or services.
Q: Can you deduct donations that aren't just cash?
A: According to the IRS:
For donations of property instead of cash, a taxpayer can only deduct the fair market value of the donated item. Fair market value is generally the price they would get if they sold the item on the open market. If they donate used clothing and household items, those items generally must be in good condition. Special rules apply to certain types of property donations, such as cars and boats.
Source: https://www.irs.gov/newsroom/five-facts-about-charitable-contributions
At Wilson Toellner, CPA we recognize that we benefit both professionally and personally from our local communities. As a result, our partners and staff are eager to give back to our communities with the same care and service that we provide to our clients. Currently, WT and staff support the following organizations:
CASA
CACTUS
BIG BROTHER'S/BIG SISTER'S
OPEN DOOR
SALVATION ARMY
ROTARY CLUB OF SEDALIA
RELAY FOR LIFE
SEDALIA LEADERSHIP CLUB
WOMENS SERVICE LEAGUE
SAMARITAN CENTER
SEDALIA ANIMAL SHELTER
SEDALIA ATHLETIC BOOSTER CLUB
STATE FAIR COMMUNITY COLLEGE FOUNDATION
LAKE OZARK DAYBREAK ROTARY
MILLER COUNTY RELAY FOR LIFE
ROTARY CLUB OF WARRENSBURG
IBERIA COMMUNITY BETTERMENT ASSOCIATION
LIGHTHOUSE SHELTER
FAMILIES ASSISTED IN TRANSITIONAL HOUSING
ELKS LODGE
BOYS & GIRLS CLUB OF WEST CENTRAL MISSOURI
KIWANIS CLUB OF MARSHALL
MID-DAY OPTIMIST OF MARSHALL
MARSHALL TOURISM COMMISSION
SALINE COUNTY RELAY FOR LIFE
MARSHALL CHAMBER OF COMMERCE
SALINE COUNTY HOLIDAY PROJECT
ANGEL TREE FOR GREAT CIRCLE (BUTTERFIELD YOUTH SERVICES)
SALINE COUNTY FAIRGROUNDS (DENIM & DIAMONDS)
SALT FORK YMCA
PETE REA/FITZGIBBON HOSPITAL GOLF TOURNAMENT
PROJECT GRADUATION
Deduct Your Holiday Donations the Right Way with Wilson Toellner CPA
The holiday season is a magical time of year! Our accountants in Mid Missouri think donating to organizations who are supporting the less fortunate is an amazing thing. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen. Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence. For more information on how we can help you business with deducting your donations, please visit our website at www.WTCPA.com.
Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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