Deadline to file your 2013 Tax Return is April 15, 2014. Don’t forget to claim your charitable donation tax deduction if you have contributed to charitable organizations. They not only include the money, stocks and goods you donated to charity but also miles you drove for charitable purposes.
Make sure to keep your records, receipts and other documents related to charitable giving and miles driven. Keep them with your tax documents for the same length of time period recommended by the Internal Revenue Service (IRS) for your tax documents. These documents include but not limited to cancelled checks, records of stocks donated, and others such as credit card records.
When it comes to claiming a tax deduction for donated items to charity, there are several rules you have to follow. The value of donated items should be calculated based on one of IRS recommended method. Many use thrift store prices to calculate the value of donated items.
Only money, stocks and goods donated to an IRS recognized 501 (c)(3) charitable organizations and connected mileage qualify for deduction. So, it is important to check the IRS status of the charitable organization before your donation of goods and time.