Tools & Techniques 101 – You Made the Contribution, Now PROVE It!

Private Wealth Matters

As I tell my students at Baruch College, tax deductions are a matter of legislative grace.  Congress giveth and Congress taketh away.  Allowable deductions of all types are claimable, but subject to later scrutiny and possible disallowance by the IRS.  If your documentation is inadequate, then bye-bye deduction!  Charity is no exception.  In fact, charitable contributions may be one of the touchiest subjects of all.  A cranky agent may really chafe at a taxpayer who tries to scam the system – “Look at what a good person I am!  I gave $800 to the Human Fund this year and you’re not letting me deduct it?”  Believe me, such an approach doesn’t play well on the sympathy meter. But scenes like that are so avoidable – once you make the contribution, all you need to do is make sure you have the proper documentation and you’re all set.  Properly papering…

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