This charitable tax deductions receipts article has been revised with information for 2023 & 2024 tax years. Before becoming my current job, I worked as fundraising for a 501(c)(3) charitable organization where tax deductions and receipts for donations were often raised as topics for discussion. Examples:
Do I require a receipt in order to deduct my donation?”
Are Receipts Required for Donations of $10.000 or Less?”
“Do I only require a receipt if my donation exceeds $250?”
As I frequently received these types of inquiries, it makes me question if people avoid itemizing their donations altogether due to concerns that the IRS might audit them, or worse – whether or not people donate altogether because they lack knowledge on how to document and deduct them? That would certainly be unfortunate.
If you itemize your taxes, charitable donations should certainly be deducted!
As part of my efforts to simplify a topic that should be straightforward, I decided to put together this guide on deducting charitable donations and when you require proper documentation such as donation receipts or written acknowledgements.
Donations and Standard Deductions in 2023-2024
It’s important to keep in mind that, for most taxpayers, itemizing their deductions isn’t necessary, so no donation receipt is needed in this situation if claiming the standard deduction instead. All taxpayers qualify for at least some sort of standard deduction while only a minority choose itemized deductions instead; these standard deductions are as follows.
2023 Standard Deductions are as follows for individuals filing separately (single filers); $13,850 for married filing separately; $14,600 for single filers who file jointly (married filing jointly); or $20,800 if filing as head of household
Head of household should budget $21,900 annually.
+ There are no comments
Add yours