November 29, 2022 is Giving Tuesday! The Tuesday after Thanksgiving marks the day when many people choose to make charitable donations.
Most contributions of cash or property are deductible as an itemized deduction. Cash contributions include those made by check, credit, or debit card, as well as unreimbursed out-of-pocket expenses in connection with volunteering with a qualifying charitable organization. Generally speaking, donations of property other than cash are deductible at their fair market value.
Keep in mind that you must itemize your deductions for 2022 (unlike 2021 and 2020) to take advantage of the charitable donation. A donor may not claim a deduction for any cash contribution, check, or other monetary gifts unless the donor maintains a record of the contribution. A canceled check or written receipt from the charity showing the name of the charity, the date of the contribution, and the amount of the contribution is usually sufficient.
Click on the link below to read the article from the IRS.
