2014 Charitable Contributions

Several clients ask me how they can reduce their taxable income towards the end of the year. I usually encourage them to go thru the items in their homes and find certain household goods that are in good or excellent shape and make a contribution to various charitable organizations. On several occasions the client will let me know that they received a receipt with only a signature how do they document their contribution. I encourage them to make a list of items usually starting with those of the larger amount and then generalizing smaller items. For example a computer would be listed at fair market value and smaller items like toys and clothing could be grouped together. Here is a link to the IRS website outlining additional information concerning charitable contributions: