Tuesday, March 11, 2008


I remember in one of your prior postings you talked about charitable contributions. There were some new requirements this year but I can't find the article. Could you refresh my memory? Thanks again for all the information for all of us stylists.


BB - You are correct - there are some new rules this year. Your charitables are in jeopardy if you don't follow the new rules. Here they are...

Under the latest rules, the IRS does not allow a deduction for a contribution of under $250 of cash, check or any other monetary gift unless you have maintained a record of the contribution or a written communication by the charity.

For contributions of $250 or more you need a qualified receipt from the charity.

I you need more information, check out the following guide from the IRS:

Charitable Contribution Deductions (Publication 78 Help, Part II)

It is a pleasure serving you.

Larry Kopsa CPA