Alliance Tax Service Blog » Tax Law Updates http://alliancetaxservice.com/blog Updated tax news and information from Alliance Tax Service Sun, 31 Jul 2011 12:35:51 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 NEW – FSA’s, HSA’s, and HRA’s http://alliancetaxservice.com/blog/2009/09/07/new-fsas-hsas-and-hras/ http://alliancetaxservice.com/blog/2009/09/07/new-fsas-hsas-and-hras/#comments Mon, 07 Sep 2009 14:18:42 +0000 Administrator http://alliancetaxservice.com/blog/?p=175 A new restriction … no more using Flexible Spending Accounts, Health Savings Accounts, or Health Reimbursement Arrangements to pay for any over-the-counter medicines.

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Guidelines for Monetary Donations http://alliancetaxservice.com/blog/2008/12/22/guidelines-for-monetary-donations/ http://alliancetaxservice.com/blog/2008/12/22/guidelines-for-monetary-donations/#comments Mon, 22 Dec 2008 13:41:17 +0000 Administrator http://alliancetaxservice.com/blog/?p=23 To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Bank records include canceled checks, bank or credit union statements, and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid. Credit card statements should show the name of the charity, the date, and the transaction posting date.

Donations of money include those made in cash or by check, electronic funds transfer, credit card, and payroll deduction. For payroll deductions, the taxpayer should retain a pay stub, a Form W-2 wage statement or other document furnished by the employer showing the total amount withheld for charity, along with the pledge card showing the name of the charity.

These requirements for monetary donations do not change or alter the long-standing requirement that a taxpayer obtain an acknowledgment from a charity for each deductible donation (either money or property) of $250 or more. However, one statement containing all of the required information may meet the requirements of both provisions.

For information, visit the IRS website.

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