Charitable contributions are the only itemized deduction which hasn’t been limited by the new tax law. However, if you don’t comply with ever-tightening IRS rules for substantiating your donation, your deductions could be wiped out, resulting in added taxes, interest, and penalties. Here’s what you must know to avoid having your good deeds punished by the IRS.
Under the new tax law, you’ll face tougher limits in claiming itemized deductions on your personal tax return. State and local taxes (income and property) are now limited to no more than...
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