HELPFUL INFORMATION   CHARITABLE CONTRIBUTION

New recordkeeping requirements for cash contributions.  You cannot deduct a cash contribution, regardless of the amount, unless you keep as a record of the contribution a bank record (such as a canceled check, a bank copy of a canceled check, or a bank statement containing the name of the charity, the date, and the amount) or a written communication from the charity. The written communication must include the name of the charity, date of the contribution, and amount of the contribution.

Contributions to donor advised funds.  You cannot deduct a contribution to a donor advised fund after February 13, 2007, if the sponsoring organization is a war veterans' organization, a fraternal society, or a nonprofit cemetery company. There are also other circumstances in which you cannot deduct your contribution to a donor advised fund. Generally, a donor advised fund is a fund or account in which a donor can, because of being a donor, advise the fund how to distribute or invest amounts held in the fund.

Filing fee for easements on buildings in historic districts.  A new $500 filing fee must be paid for each qualified conservation contribution after February 12, 2007, that is an easement on a building in a registered historic district, if the claimed deduction is more than $10,000.

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Filing Information

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Personal Exemption & Dependent

Withhholding

Income

Standard & Itemized Deductions

Deduct your Contribution

Education Credit

Earned Income Credit

 

 
  TAX LAW CHANGES - 2007  
 
 
 
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