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Wednesday
Apr062011

Tax Tip: Deducting for Charitable Donations

Brand X Pictures/Thinkstock(NEW YORK) -- Giving money to your favorite charity qualifies as a tax deduction, but "the key is if you make a charitable contribution, get a receipt or make sure your bank account shows who you've made a charitable contribution to," says Eric Smith with the IRS.

The money must go to a registered nonprofit group, religious organization or charity.

Have you donated clothing to organizations like Goodwill or the Salvation Army?

"If you can keep a list of -- 'Okay, there were four pair of pants and two shirts and the pants are valued at $3 and the shirts are at $2.'  That would be really good documentation to be able to provide."

Expenses involved in charitable work may also be deductible.

Copyright 2011 ABC News Radio

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