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Tax tips compiled by Oksana Xenos Making Your Contributions Pay Off W hen preparing your 2002 federal tax return, don’t forget your contributions to charitable organiza tions. Y ou r donations can add up to a nice tax deduc tion if you itemize on IR S Form 1040, Schedule A . To be deductible, contributions must be made to qualified organizations. Organizations can tell you if they are qualified and if donations to them are de ductible. The IR S website at www.irs. 20 v also has an Exem pt Organization search feature to help you see if an organization is qualified. I f your contributions entitle you to goods or services, including admission to a concert, banquet, theatrical performance, or sporting event, you can de duct only the amount that exceeds the fair market value o f the benefit you receive in return. Because you need to know the value o f the goods or services, the charita ble organization is required to provide a written disclo sure statement if your payment to the organization exceeds $7 5 . Example: You give $100 to a charitable or ganization in exchange for a ticket to a banquet spon sored by the organization. Because your payment to the organization exceeds $75, the organization fur nishes you a written disclosure statement informing you that the value o f the dinner is $30. Your tax de duction is $70. For a contribution o f $ 2 5 0 or more, you can claim a deduction only if you obtain a written ac knowledgment from the qualified organization. Gener ally, you can deduct your cash contributions, as well as the fair market value o f any property you donate, to qualified organizations.You can also deduct contribu tions in the form o f unreimbursed expenses, for exam ple, out-of-pocket transportation costs you incur in order to perform donated services for a charitable or ganization. H owever, to deduct any single unreim bursed expense o f $2 5 0 or more, you must obtain a written acknowledgment from the organization. Example: You are chosen to represent your branch or chapter at the annual convention o f a chari table organization. You pay the $400 airline ticket to travel to the convention out o f your own funds, and the organization does not reimburse you. To claim a de duction for the $400, retain a copy o f your ticket and obtain from the organization a description o f the serv ices you provided, along with a statement from the organization that you received no goods, services, or any other form o f reimbursement. For substantiation and disclosure requirements for organizations such as charities and churches that receive tax-deductible charitable contributions and for taxpayers who make contributions, see new IR S Publi cation 1771. For information about organizations that are qualified to receive charitable contributions, see IR S Publication 526 , which also lists the contributions you can (and cannot) deduct. For assistance in valuing donated property, see IR S Publication 561. Y o u can download all IR S publications at www.irs.gov or order them by calling (800) 829 -36 76 . Telephone assistance specific to exempt organizations is available toll-free at (877) 829-550 0 . Oksana Xenos is an attorney and tax law specialist with the U. S. Department of Treasury in Washington, DC. Ms. Xenos received her law degree, as well as her MA and BA from Wayne State University. A member-at-large, she serves as parliamentarian of the UNWLA. The in formation provided here is of a general nature and is not intended to address the specific circumstances of any individual. 20 НАШЕ ЖИТТЯ”, ЛЮТИИ 2003 Видання C оюзу Українок A мерики - перевидано в електронному форматі в 2012 році . A рхів C У A - Ню Йорк , Н . Й . C Ш A.
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