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. 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...