If you're thinking about making a charitable donation during the holiday season this year and want to claim a tax deduction for your gifts, it’s essential for you to itemize your deductions. But itemizing your deductions is just one of several tax rules that you should know about before you contribute to your charity of choice. By enlisting the accounting services of Sharrard McGee & Co PA in High Point and Greensboro, NC, you’ll be fully informed of all the tax rules that come with giving year-end charity gifts.

To give you a head start on expanding your charity tax knowledge, here's what else you need to know:

• Qualified Charities: You can only deduct gifts you give to qualified charities. Qualified charities include churches, synagogues, temples, mosques, and government agencies.
• Monetary Donations: Regardless of the gift amount, you must have a bank record or written statement from the charity to deduct any monetary gift on your tax return. If you donate through payroll deductions, you should retain a pay stub, a Form W-2 wage statement, or another document from your employer.
• Household Goods: If you donate clothing and household items to charity, they should be in good, functional condition to claim a tax deduction. But if you claim a deduction of over $500 for an item, it doesn't have to meet this standard as long as you include a qualified appraisal of the item with your tax return.
• Records Required: You must get an acknowledgment from a charity for each deductible donation of $250 or more. This statement should be obtained and submitted along with the records required for deducting cash gifts.
• Year-End Gifts: You can deduct contributions in the year you make them. If you make a donation with a credit card before the end of the year, it will count for 2015 even if you don't pay the bill until 2016. Also, a check will count for 2015 as long as you mail it within the year.

To learn more about tax returns and tax preparations, contact Sharrard McGee & Co PA at (336) 884-1041. You can also visit their website for more information.