Lance Drury Law
Ste. Genevieve 573-883-3056
Columbia 573-886-8900
St. Louis 314-200-0003

Good record-keeping vital when claiming deductions for donations

There are many things individuals are allowed to claim deductions for on their federal taxes. One of the things that quite a few taxpayers claim deductions in connection to are donations to charitable organizations. 

Now, there are a plethora of rules regarding charitable giving deductions. Among these are the documentation rules related to such deductions. When a taxpayer claims a deduction for a charitable donation and doesn't have the right documentation for the donation, it could create real problems for them. For example, it could put them in a tough situation in the event of an audit.

Thus, when one is going to claim charitable giving deductions on their taxes, it is very important for them to have everything in order when it comes to documentation. This includes being sure that, prior to filing a return claiming deductions for donations, they have all the appropriate acknowledgements of the donations. This is important for both monetary donations and non-cash donations.

This underscores the importance of good-record keeping when it comes to taxes. Keeping accurate and complete tax-related records can be very helpful for a taxpayer if they get audited, as it may be able to help the audit process go more smoothly. Another thing that can be helpful for a taxpayer when facing an audit is having an experienced tax attorney's representation during the audit. Lawyers skilled in tax audit matters can help steer taxpayers away from mistakes or oversights that could create unnecessary problems or complications during the audit process.  

Source: MarketWatch, "Tricky issues taxpayers should keep in mind this year," Tom Herman, Feb. 10, 2016

No Comments

Leave a comment
Comment Information

As Seen On

NBC ABC Fox News Channel USA Today BIO - The Biography Channel CBS
NBC ABC Fox News Channel USA Today BIO - The Biography Channel CBS

Schedule a No Obligation Tax Consultation

Contact us today and get relief from your tax burden. You can also receive a FREE chapter from the best-selling book, Protect and Defend, just by requesting it from the form below.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

The Law Firm of Lance R. Drury
150 Merchant Street
Ste. Genevieve, MO 63670

Phone: 314-200-0003
Fax: 573-883-3095
Ste. Genevieve Law Office Map

St. Louis Office
3636 South Geyer Road, Suite 100
St. Louis, MO 63127

Phone: 314-200-0003
Fax: 314-238-7201

Columbia Office
3610 Buttonwood Drive, Suite 200
Columbia, MO 65201

Phone: 573-886-8900
Fax: 573-886-8901

Facebook Twitter You Tube Linked In Rss Feed
Review Us

Back to Top

"The choice of a lawyer is an important decision and should not be based solely upon advertisements."

- Lance

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.