In this video, Toby Mathis, Esq. and Karim Hanafy, Esq. will go over three critical mistakes that can cause you to lose your charitable deduction.
Karim is a nonprofit attorney with over 20 years of experience forming nonprofit organizations, obtaining 501(c)(3) tax-exempt status, advising with ongoing compliance, and assisting with annual tax reporting.
Connect With Our Team To Get Your Nonprofit Started 👇
Email: nonprofits@andersonadvisors.com
If you’ve ever donated money to a charity and wondered if you can claim it on your taxes, this video is a must-watch. Karim breaks down what you need to know to protect your deductions and avoid common pitfalls.
One of the most crucial takeaways is the importance of having the right documentation.
From small donations to large ones, it’s essential that you keep the proper receipts and paperwork.
Many people assume that a thank-you note or a canceled check is enough proof of their donation, but that’s not the case.
The IRS has specific requirements for what counts as legitimate documentation for your charitable contributions, and failing to follow these rules could cost you.
Remember to like, comment, and subscribe to the channel for more great content along with guests. If you have any questions or comments about this video, feel free to leave them below.
Show Notes:
0:00 Intro
2:09 Documentation Rules
4:44 Cash Contributions Under & Over $250
5:24 3 Important Parts (Don’t Lose Your Deduction!)
7:18 Stock Donations & 3 Requirements
10:17 Crypto Donations & 3 Requirements
12:58 Real Estate Contributions & 3 Requirements
14:58 Art Contributions & 3 Requirements
16:15 Used Goods Documentation
19:25 Vehicle Documentation
23:04 Overview
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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