Rediscover the Tax Benefits of Charitable Giving

The Interboro Youth Athletic Association is a New Jersey non-profit corporation providing sports recreation in a stable, secure environment for children ages 4-18 in Southern New Jersey. Your support is is needed to continue to provide no cost and low cost programs for hundreds of children.

With the April 17 tax deadline in the past, are you asking yourself if you did everything you could have to maximize your tax savings? A good time to start planning for your 2007 tax return is now, while the lessons learned from your 2006 tax preparation are still fresh in your mind.

One often overlooked strategy is to think differently about your charitable giving. According to a recent study, more that 90% of affluent Americans donate to charity every year with the large majority of donations being made in cash.

Beginning this year, the IRS requires taxpayers to have a bank record or written communication from the charity showing the name of the charity, date, and amount of the contribution for every cash charitable contribution you make, regardless of its size. It will no longer be sufficient to back up cash donations with personal bank registers, diaries, or notes made around the time of the donation.