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Can I deduct charitable contributions on my tax return?

Not only does the charity benefit, but taxpayers enjoy tax savings by deducting part or all of their contributions on their tax returns. However, for the 2023 and 2024 tax years, only taxpayers who itemize their tax deductions using Schedule A of Form 1040 can deduct their charitable contributions.

Do you need a tax return for a donation?

Keeping detailed records allows you to accurately report your donations and deduct the correct amount from your taxes. Otherwise, you won’t be able to back up your claim for a deduction if the IRS audits your tax return. Receipts, bank statements, credit card statements and canceled checks can be adequate proof for smaller donations.

Do you need a tax record for a charitable donation?

Taxpayers must keep detailed records to substantiate their charitable deductions. The type of record depends on the type and amount of the contribution: cash, non-cash, and out-of-pocket expenses while donating services.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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