Charitable Monetary Contributions and Deductions
Professional Wealth Strategies Retirement, Estate And Legacy Planning Your Retirement Income Specialists Charitable Monetary Contributions and Deductions ahe whe o Thank yo NO CLOTHING BANK Please Clothi Towe Shee Charitable contributions are deductible only if you itemize deductions on Form 1040, Schedule A* To be deductible, charitable contributions must be made to qualified organizations. 1. Payments to individuals are never deductible. 2 DONATIONS If your contribution entitles you to goods, or services, including admission to an event, you can deduct only the amount that exceeds the fair market value of the benefit received. For a contribution of cash, check, or other monetary gift (regardless of amount), you must: Maintain as a record of the contribution a bank record or a written communication from the qualified organization containing the name of the organization, the date of the contribution, and the amount of the contribution. *http://www.irs.gov/pub/irs-pdf/f1040sa.pdf Source: http://www.irs.gov/taxtopics/tc506.html Professional Wealth Strategies, 3573 East Sunrise Drive, Suite 119, Tucson, Arizona 85718, (520) 529-3644. Securities and Advisory Services offered through Commonwealth Financial Network, www.FINRA.org/www.SIPC.org, a Registered Investment Adviser. This communication is strictly intended for individuals residing in the states of AZ,CA, CT, HI,MI,OH,OR,TX,UT,VA, WA. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services. www.pwsaz.com
Charitable Monetary Contributions and Deductions
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